How Solar Panels Can Benefit Homes in Nigeria

Solar panels are becoming increasingly popular, and with good reason. According to the Solar Energy Industries Association (SEIA), the cost to install solar panels has dropped more than 70 percent since 2010. In the last decade, solar has experienced an average annual growth of 68 percent.

If you’ve been interested in solar energy for a while now but haven’t made the first move, now is the time! This helpful insight directs your attention to the most significant benefits solar panels will provide for your home.

1. Save Millions of Naira

Adding solar panels to your home can bring in monthly savings of well above N15000 in Nigeria. Extend this to two decades, less than the length of a typical solar panel warranty, and this translates to over N3,600,000.  Are you wondering how much you can save by going solar? Click here to find out.

2. Start Saving from Day 1

Solar purchase power agreements (PPAs) and solar leasing has made it possible for homeowners to go solar for little or no money down.

Many homeowners choose to finance their solar panels with one of the “pay-as-you-go” financing options. This means that a third-party company – the solar provider – (MTN Yellow box) owns the solar system and takes care of installation, maintenance, monitoring and repairs. You simply pay the solar provider for electricity – less than you would`ve paid the utility company. Although this is not the best way to all Nigerian homes to have access to solar as you don’t own the system and you can’t expand your power bank if you need more power supply.

Pay-as-you-go solar is an excellent option for many homeowners. However, we generally recommend that you should pay in cash (through a home equity loan or a second mortgage) if you can. This will bring in more long-term savings. More about this here: Benefits of Owning (vs. Leasing) Solar Panels.

3. Reduce or eliminate energy bills.

 

4. Low Payback Period

If you choose to pay in cash, the payback period is in many cases less than two years. It takes homeowners on average 2 years before the monthly savings (in terms of lower electricity costs) meets the total costs of the solar system.

 

6. Solar is a Secure Investment

The utility companies are notorious for their fluctuating and unreliable electricity prices. There is clearly an upward trend.

With solar panels and simple math, we can calculate how much electricity will be generated, and most importantly, at what price, for at least the next 20 years (fixed energy costs).

7. Guaranteed Performance

Solar panel manufacturers include a 20- to 25-year warranty (also known as a performance guarantee) with their solar panels. The industry standard guarantees 80% performance after 25 years.  The real lifespan of solar panels is much longer – your solar panels will likely generate a good amount of electricity 30-40 years down the line.

8. Save the Environment

We know that the majority of homeowners choose to go solar because it makes good sense from a financial point of view. That being said, the environmental benefits are also clearly worth mentioning.

Nigeria hold a big size in the world in annual carbon dioxide emissions . You can go a long way in lowering your carbon footprint by replacing utility power with clean electricity from solar panels. The average residential solar system offsets about 100,000 lbs. of carbon dioxide in 20 years – the equivalent of driving a car for 100,000 miles.

9. Create Energy Independence

We will inevitably run out of oil, coal and natural gas. While we continue our consumption of these increasingly expensive and dangerous energy source, our national security and economy suffers.

Solar is one step in the right direction.

10. Solar is Easy

Shopping for solar used to be a long and complicated process. There are hundreds of solar companies in the U.S. alone.[5] It would take you weeks to find the best solar deal. Luckily things have changed.

To go solar has never before been easier. Our team of independent solar consultants will help you sort through your options. To see how much you can save, and for all other solar questions, request a free consultation. There’s no obligation.

How much money can a solar roof save you in Lagos?

To find the right answer to this kind of questions, please contact us.

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