Investing In Renewable Energy Amidst Fuel Subsidy Removal

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Investing in renewable energy is good business as rising costs of electricity in Nigeria is stressful for residents. The use of generators, especially with

the recent subsidy removal that took petrol pump price from N184 to between N488 and N600 per litre, is not easy. As such, procuring solar power and other renewable energy sources is the way to go.

Especially, with plans to increase electricity tariff by 40 per cent from next month July. Environmentalists are advocating scaling up renewable energy investment, arguing that if 30 per cent of Nigerian households turned to solar by 2030, 5 million metric tons of carbon dioxide would be avoided, reducing emissions from households by 30 per cent.

In this regards, the president of the Renewable Energy Association of Nigeria, Segun Adaju disclosed that, “we are already getting a lot of customer inquiries and requests for solar. Many potential customers are already ordering their solar systems. Also, this is a great opportunity to cut emissions by reducing the use of fossil fuels and shifting to solar and electric vehicles.”Installing an expanded 4-kilowatt solar system, according to reports, would cost conservatively N3 million.

 

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