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Imagine owning a small business that loses power unexpectedly. Machines grind to a halt, customers leave, and a day’s earnings vanish. Economists use the term “value of lost load” to quantify the cost of these outages. For businesses, this can range from N3,000 to N15,000 per lost kilowatt-hour . A medium-sized business experiencing a day of blackout could lose millions of Naira. The impact extends beyond the business owner, affecting employees, suppliers, and the entire community.
Let’s now compare the costs associated with two scenarios, assuming a 50 per cent grid availability. We will omit the upfront cost of a diesel generator in each scenario as it is assumed that the restaurant keeps one for backup in either scenario:Scenario 2: Grid + Diesel Generator Capacity: 16 kWp @ ~N282k/kW Additional Components: Inverters, charge controllers, Battery Management System and installation cost can vary depending on quality and brand but let’s estimate N2.
Solar Loan Programmes: The government, in collaboration with the Bank of Industry or traditional banks, could establish loan programmes with significantly lower interest rates specifically for solar installations. Solar Asset-Backed Loans: Financial institutions could offer loans secured by the solar system itself. Since solar panels have value and generate income through electricity cost savings, this reduces the risk for lenders.
For those of us facing constant grid failures and unreliable Band A service, there’s a Nigerian spirit in finding private solutions to public issues. Call your local solar installer today and start saving your family or business money – the numbers speak for themselves.