The benefits of solar power in Nigeria are indisputable. The question is when to make the investment and not whether to make it all. Here are some factors to consider when deciding, when the perfect time to go solar is.
Financing options make going solar now easy
If you’ve been considering going solar for a while you may have noticed that the price charged by reputable companies has not dropped. In fact, most reliable solar companies in Nigeria have increased their prices in line with inflation. However, it is not all doom and gloom. There has been a noticeable introduction of flexible payment plans into the market making it easier than ever to go solar.
The most attractive offer at present is Solynta’s new Zero Money Down Solar Plan which allows you to get a Solar Home System (complete with solar panels, batteries, inverter and charge controller) at no upfront cost. It’s unimaginable that there will be a more appealing offer than this for a long while. Subscribing sooner than later is recommended.
The opportunity cost of waiting
When deciding when to go solar it is important to weigh up any incremental decrease in the product price (over time) against the opportunity cost of delaying action. Consider the following:
• The return on investment on a Solar Home System is just 2-3 years. Solar users then have a free energy source for 25 years versus generator users who face perpetual fuel and maintenance bills. Lesson? The sooner you go solar the quicker you’ll start saving money
• Petrol prices are set to rise from 2020. Deferring going solar today will lead to you paying even higher generator fuel bills in future
• Prices for solar panels may be much lower now than in the past. However, the rising popularity of solar is likely trigger an increase in the current importation tariff (10%). This cost is likely to be passed onto the consumer making going solar more expensive for you in future
A national grid electricity in decline
Very often potential solar users will take the approach of waiting for the epileptic power problem to improve. It is a fair expectation given the level of investment into the sector. However, the scale of the crisis is monumental, and the future trajectory is an electricity grid in decline. Consider this:
• Nigeria currently generates just 5,000 MW for a population of 210 million people
• The energy shortfall stands at 205,000MW
• Repairing the current power shortage today would cost over $ 900 billion dollars
Generators are an unhappy solution to the problem of power due to the expense, noise and pollution. The power crisis can only be solved by renewable energy. Green energy, particularly solar power, guarantees:
• Energy independence
• 24-Hours power
• Significant cost savings
• A stress-free, low maintenance energy supply
• Clean and noiseless power
While there is always some merit in waiting when making important decisions, going solar is a decision that can be made relatively quickly and with confidence. At a minimum, we recommend that you start considering your options day so that you can switch to a brighter life, sooner rather than later.