So, we shall be discussing the cost of solar panel installation in Nigeria.
The clamour for a reliable electricity supply in Nigeria has been on for decades without an end in sight. The country is currently still very much being plague with epileptic power supply. Electricity happened to be one of the essentials of life in the 21st century and the inability of the government to tackle the power failure problem has led to palpable negative impacts on the nation’s economy and general standard of living of the people.
Unacceptably, the national grid recorded a total power generation of just less than 2,900 MW in 2015. 2,900 MW, when calculated amounted to just 1.8% of the total capacity required nationwide as confirmed by the then minister of Power, Prof. Chinedu Nebo. The minister said that Nigeria requires 160,000 MW in order to reach globally accepted standards. In furtherance to this, according to Bloomberg, Nigeria only generates a tenth of the amount of electricity generated by South Africa, a country with a population size less than Nigeria by up to 60%.
This is enough to explain why Nigerians are currently in the search for new alternatives. There is no end in sight to the problem of epileptic power supply. According to a report by the regional chairman of the Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, about 60 million Nigerians own fuel powered generators and the numbers keeps skyrocketing. This leads us to the analysis of the cost of fuel powered generators and the cost of solar panel installation in Nigeria.
Analyzing the cost of Running on Fuel Powered Generators
Let’s take for instance, a family that owns a 4KW petrol powered generator and uses it as power backup for at least 5 hours per day which is always the case as there could be black-out for days. That is roughly ₦1,500 cost on fuel per day which amounts to N45,00 per month. In a year that’s ₦540,000 and ₦5,400,000 in 10 years aside maintenance and replacement costs.
Analyzing the Cost of Solar Panel Installation in Nigeria
A complete solar power system including installation may go for:
- 1KW at ₦430,000
- 2KW at ₦750,000
- 3KW at ₦1,400,000
- 5KW at ₦1,650,000
- 8KW at ₦2.900.000
- 10KW at ₦3,200,000
In addition, the solar panels have between 20 to 25 years warranty from their manufacturers. This means that after your initial or up-front huge investment, you won’t be having re-occurring expenses as you have in the case of fueled powered generators.
Energy from the sun is free and no one charges for it as the case with national grid hydro-electric. You require little or no maintenance when using solar power, not to mention the problem of environment and noised pollution that is solved when using solar clean energy.
Factors Responsible for the Drop in Solar Panel Price
The cost of going solar has significantly reduced over the past decade due to the following factors;
Improvement in Solar Technology: this has made the use of solar power more reliable and subsequently cost efficient. The solar panels being produced now can perform and last longer with little or no maintenance thereby saving cost on replacement and maintenance.
Competition in the Solar Market: the activities of competition have also led to reduction in solar power price and increased affordability. There are currently lots of companies that are into production of solar power components such as the solar panel, batteries, inverters, cables, etc.
In comparing the regular fuel powered generator with solar powered electricity, solar seems to have a higher up-front cost but more money saving in the long term.
So, join other Nigerians today to start enjoying reliable power supply at even cheaper rate than fuel powered generators. Vesselnet Solar has various solar packages that suits everyone and budgets.
Call: +234 9063063687