Renewable Energy To Give SMEs Edge Post-petrol subsidy

Renewable energy sources such as solar may have a high initial costs but are cost-effective in the long run. It is a viable option for SMEs looking to reduce their energy costs and carbon footprint.“SMEs should consider adopting renewable energy, particularly concerning the pending petrol subsidy removal. The truth is that the prices for renewable energy components are dropping annually as the technology keeps improving,” Daramfon Bassey, a renewable energy expert, told BusinessDay.

“What needs to be done to encourage increased adoption of renewable energy solutions by SMEs in the country would involve providing incentives such as import duty waivers for renewable energy components, encouraging emerging indigenous renewable energy manufacturers and assemblers and providing affordable and flexible consumer finance for SMEs in the country,” Bassey said.According to him, the major thing affecting the price of solar in Nigeria is the high cost of importing these products.

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