BusinessDay
Nigeria's leading finance and market intelligence news report.

What sectors can benefit from solar power

With falling costs of solar power and available solar financing, businesses of all types are in a great position to take advantage of the benefits of solar power.

4 Sectors that can benefit from Solar Power:

Manufacturing
Production process uses a substantial amount of electricity; solar power will save a manufacturer millions of naira overtime on utility and generator expenses as well as provides a hedge against energy price increases which will make a manufacturer more competitive.

Commercial
A commercial business, such as an office building, mall, or supermarket will see a similar return on investment as a manufacturer. If you have available roof space and would like to take control of your electricity costs, you are a perfect candidate for solar energy.

Read Also: Why solar energy can provide lifeline to Nigeria’s vulnerable economy

Agriculture
Solar power can be utilized in different sectors of agriculture. Thermal energy can harness for utilization in drying, cooling, steam generation, etc. whereas electrical energy can be used in pumping water for irrigation, rural electrification and to operate various agricultural machinery.

Education
Schools and Universities utilize a lot of electricity every day. Once they shift to solar energy, schools and universities will surely benefit not only financially in term of reduction electricity expenses but also through their social impact in the community around them.

Chidi Obike is the Founder & CEO of Powerup Renewables Ltd, a leading Renewable Energy company in Nigeria. An astute technology professional with 15years senior sales management experience, gained at multinational companies such as Ericsson and Huawei.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.