Countries around the world are gradually reducing their reliance on Fossil fuels by exploring other sources of renewable energy. Germany and a few other countries are planning to sell only electric vehicles by 2030.
Apart from the known fact that the import duty on solar panels has been increased in Nigeria by 10%, progress is being made in Nigeria even though we still have a long way to go. We expect the prices of solar panels to drop significantly if the federal government is to achieve its goal of generating 30% of electricity through renewables by 2030.
All over the world, the cost of solar panels is dropping leading to an increased adoption of renewable energy.
The energy demand in Nigeria far outweighs the supply which is epileptic in nature. It is important to note that our energy demand is projected to grow exponentially in the coming years, while we are yet to ensure that the same growth occurs in the generation, transmission and distribution. Part of the measures being put in place by the government includes the new gas plan of zero flare by 2020, incentivize DISCOS adequately to reduce losses, sale of 40% government shares to new capable core investors.
After all, said and done, opportunities abound and Sygnite Power & Energy Solutions has decided to be part of this solution and maximize such opportunities. The Rocky Mountain Institute, in conjunction with the World Bank, released a report in December 2017 on the Nigerian energy sector, showing that the country consumes over 9 billion USD a year in inefficient fuel, used to power homes and businesses. The report also showed that, with the use of renewables, the country would be able to save around 4.4 billion USD per year, which makes it a huge opportunity for market investors.
The Nigerian government has also matched its intent with actions such as signing 14 solar power purchase agreement (PPAs) with 14 developers with the potential to deliver over 1,000 MW of solar power.
On the 22nd of May 2018, the percentage of hydropower on the grid has gone up to 26% from 15% that it was in May 2015 and the gas-fired power has reduced proportion now represents 74% of our energy mix from 85% in the same month in 2015, even though total power has increased.”
To this end, the government through the Nigerian Electricity Regulatory Commission (NERC) has issued mini grid Regulations to guide registration and licensing for small consumers and off-grid developers seeking to produce up to 100 kilowatts and over 100 kilowatts and up to 1 megawatts respectively.
For your total power solutions, sale and installations of solar panels and inverters in Lekki and Lagos generally, Sygnite Power and Energy solutions is the dependable and trusted company.
Let us save planet earth as we try to and go easy on the use of fossil fuel.
