Nigeria Solar Panel Market: What is It for?

As environmental concerns are increasing, many people shift their focus on renewable energy including solar panels. Nigeria, among many other countries around the world, has become a country that increasingly has inclination to this green energy. This in turn drives the development of Nigeria solar panel market.

According to a leading market research firm, GMI Research, there will be substantial development in Nigeria solar panel market growth in the years ahead. The market research noted that this rapid development is owing to the growing requirement to produce electricity from renewable energy and the rising environmental concerns in the country.

What are the Advantages?

The popularity of solar panels in the country is also due to the many benefits that they provide.

1.    Positive impacts for the environment

Solar energy has the smallest environmental footprint among all energy sources. It emits no greenhouse emissions and causes no water pollution. In addition, solar energy requires minimal water for maintenance unlike nuclear power facilities which require 20 times much more water. The production of solar energy is advantageous because it does not generate any noise that is particularly beneficial for installations in urban areas such as residential solar panels.

2.    Cost reduction

By generating electricity yourself it can mean reduced reliance on utility suppliers which leads directly to savings on the energy bill. Moreover, you can earn additional income by selling any surplus electricity that is generated to the grid. Taking advantage of solar panels can further enhance the benefits of green investment. The greater energy amount you produce decreases your dependence on energy suppliers, thereby improving your energy independence. The energy production capacity is influenced by factors such as the tilt of your roof. Solar panels on flat roofs provide different cost savings in comparison to those installed on pitched roofs.

3.    Power generation during peak consumption periods

Electricity demand typically peaks at 11 am to 4 pm and again in the early evening which corresponds to peak electricity prices. Solar energy reaches its maximum capacity during these hours, aligning with the period of highest energy demand. Electricity generated during these hours holds higher value in comparison to nighttime generation. Increased solar energy input during these periods could potentially lower electricity prices to levels similar to those seen during nighttime hours.

4.    Applicable everywhere

Solar energy can be utilized anywhere there is sunshine like in Nigeria, making it especially valuable for remote regions lacking access to other electricity sources. This is crucial given the significant number of people worldwide who remain without electricity.

Deploying independent solar power systems in these regions could significantly enhance millions of people’s lives. Additionally, solar energy is utilized to power boats and spacecrafts.

5.    Enhances grid security

Having numerous widely dispersed power plants enhances grid resilience against blackouts. A grid with extensive solar energy integration features thousands of decentralized energy production centers which improves grid security during overload scenarios, natural disasters, or human-made disruptions.

6.    Create jobs

Another advantage of Nigeria solar panel market is job creation. A significant portion of the expenses related to solar systems are attributed to the installation of solar panels. This fosters the creation of local job and stimulates the economy, benefitting the local community,