• Thursday, December 07, 2023
businessday logo


Cost of solar energy technology is declining, says PPC

Nigeria’s SunFi raises $2.3m in seed funding for expansion of solar business

The mass production of solar panels in response to the rising demand for alternative cleaner power solutions has made solar installation for homes and businesses more affordable, PPC Limited has said.

While commenting on the frequent collapse of the national power grid, the attendant blackouts and its disruption of business activities, Kelechi Onuigbo, Head of Power Division at PPC, said businesses should look into cost-effective alternative power solutions for uninterrupted power supply.

He said that even though solar panel installation and its storage systems have become more affordable, the efficiency of photovoltaic panels has not diminished in any way but improved with constant research and innovation.

As part of the global decarbonization and energy transition drive, the Nigerian government has demonstrated commitment by commissioning off-grid electricity projects that will ensure all Nigerians have uninterrupted electricity through investment in solar-powered mini-grids.

The FG is implementing different initiatives targeted at achieving at least 30,000MW generation by 2030 with 30 per cent from renewable energy sources.

Read also: Nigeria eyes FDI with new 10MW Kano solar power project

Onuigbo said: ”It’s important for energy access to keep pace with population growth in the country. This is why we are advocating for increased investment in off-grid alternative energy solutions that provide stable electricity in the event of natural disasters or power outages.

“The one-time investment and low maintenance of solar installations make it an affordable and preferable alternative power option for businesses and households,” he said. “Constant electricity is key to the survival of businesses and that is why PPC is committed to supporting organizations in bridging the infrastructure gap in Nigeria’s power sector.”

According to him, rapid advances in technology and available financing facilities have encouraged manufacturers to invest in expanding their production capacity, which has lowered the cost of solar panels.

He said that solar panels can generate major utility savings for businesses that are considering reducing electricity costs, carbon emissions, or both.

PPC (formerly Philips Projects Centre) is a wholly Nigerian-owned multi-competency engineering and infrastructure development company. It is dedicated to ensuring equitable electricity access in Nigeria and has over the years invested in grid infrastructure as well as affordable renewable energy solutions.