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The short answer
Add up a year of generator fuel and maintenance, compare it with the quoted cost of an inverter or solar system sized for what you actually need to power, and save towards the gap with a fixed monthly amount in a dedicated savings box. In Lagos, where supply varies by feeder and band, the payback depends on how many hours you rely on backup, so measure that first.
Why this question comes up so often in Lagos
For many Lagos households, backup power is not a luxury. Supply depends on your feeder and band, and outages can be long on some streets in Alimosho, Ikorodu or Ojo and short on others in Ikeja or Lekki. LASERC, which has regulated the Lagos electricity market since 2025, has backed phased smart metering and reforms against estimated billing, and Lagos has licensed new electricity companies, but none of that changes what you need to power tonight. The usual choice is between continuing to buy fuel for a generator and making a one-off purchase of an inverter with batteries, with or without solar panels.
Step 1: know what you need to power
Sizing comes before saving. Most people need far less than they think during an outage: lights, fans, phone charging, the router, a television, and perhaps the fridge. Air conditioners, irons, electric cookers and water heaters are what make systems expensive.
| Priority | Typical items | Note |
|---|---|---|
| Essential | Lights, phone charging, router, fans | Small inverter can handle |
| Comfort | Television, decoder, laptop | Adds modestly |
| Food | Fridge or freezer | Needs more battery capacity |
| Heavy | Air conditioner, pumping, ironing | Usually leave to the grid or generator |
Ask two or three installers to quote for the essential and comfort list only, and to state the battery capacity, inverter size, warranty and what happens when the batteries need replacing.
Step 2: work out what backup costs you now
Keep a fuel log for a month: every refill, every repair, every service. Multiply by twelve and add any one-off repairs from the past year. Our electricity budget guide shows how to put grid and backup costs side by side.
Worked example
Example only; your quotes and fuel costs will differ.
- Generator fuel
- ₦30,000 a month, or ₦360,000 a year
- Generator repairs and service
- ₦60,000 a year
- Current backup cost
- ₦420,000 a year
- Inverter and battery quote (essential and comfort)
- ₦1,200,000
- Rough payback
- About three years, before battery replacement
- Savings plan
- ₦100,000 a month for 12 months
The example family still keeps the generator for heavy loads, but runs it far less. Their fuel spend falls, and the savings plan takes a year rather than requiring a loan.
Step 3: save for it on purpose
- Set the target at the quote plus 10% for price changes and installation extras.
- Choose a date, such as before the next dry season when heat raises fan and fridge use.
- Divide the target by the months available to get the monthly amount.
- Move the amount on payday into a separate savings pot, so it is not available for daily spending.
- Re-quote before buying. Prices of imported equipment move with the exchange rate, so get fresh quotes in the final month.
For the general method, see how much to save each month for a goal and why separate savings pots work.
If saving feels too slow
A year can feel long when the generator is loud and fuel prices are rising. Two approaches can shorten it without borrowing. First, start smaller: an inverter and batteries for lights, fans and the router only, which costs less and can be expanded later with panels or more batteries. Second, redirect part of the fuel budget into the savings plan from the start by running the generator fewer hours, for example only for the fridge and evening lights. Every naira not spent on fuel goes into the Box. If several flats in a compound face the same problem, it can also be worth asking the landlord about a shared system, with costs set out in writing.
Buying wisely
- Ask for a written quote listing each component, brand and warranty.
- Pay in stages: a deposit, then the balance after installation and a test during an outage.
- Keep receipts and warranty cards in one place.
- If you rent, agree with your landlord in writing what you may install and whether you can take it when you leave.
Where Pryme fits
A Fixed Box in Savings Boxes holds the inverter money until your chosen date, so it is not spent on the way; a Flexible Box suits you if you want access in an emergency. Rates for each Box are shown in the app. The Personal Assistant can move the monthly amount into the Box on payday once you approve it, and track progress. Paying the installer by transfer from Pryme gives you a record, and a verifiable receipt from VerifyDoc.ai if you need proof later.
Questions people ask
Is solar cheaper than a generator in Lagos?
It depends on how many hours you rely on backup and what you power. Compare a year of fuel and repairs with quotes for a system sized for essentials.
What size inverter do I need for a flat in Lagos?
Size it for what you must power during outages, such as lights, fans, router, television and perhaps a fridge. Ask installers to quote for that list.
How long does it take to save for an inverter?
Divide the quote plus a margin by the amount you can set aside each month. Many households plan for six to twelve months.
Can I install solar in a rented flat in Lagos?
Agree with your landlord in writing first, including whether you can remove the system when you leave.
Sources
- FCCPC seeks stronger consumer safeguards over Lagos electricity supply challenges (Nairametrics) · accessed Oct 2026
- Lagos approves 14 new electricity companies (Aboki Forex news) · accessed Oct 2026
- Full list of Lagos areas on Band A, B (Ikeja Record) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.