By Meletus EZE
Some residents of Abuja have called for development and application of financing instruments to scale up
renewable energy technology in the country.
TBI Africa said that they made the call in separate interviews with News Agency of Nigeria (NAN) on Monday in Abuja.
The residents complained about high cost of acquiring solar power system in the Federal Capital Territory (FCT) and
solicited the support of commercial banks in funding renewable energy projects to enable end users to afford reliable solar solutions.
Mr Ovuaokpore Johnson, an Information Communication Technology (ICT) expert said that increased investment in renewable energy
was crucial in making solar energy accessible for commercial and residential purposes.
Johnson said that development banks could create funds where people could access money to develop and sustain renewable energy technologies.
Mr Ejikeme Onah, a metal fabricator, described the cost of solar energy in the country as high and expressed concern that a lot of low-income earners could not afford it.
According to him, 250W/24V solar panel costs about N103,000, while a 150W/24V panel is about N40,000.
He said “this is just the cost of other accessories and installation. Even some companies that offer flexible payment plan for providing solar power do so exorbitantly.”
Onah also called for appropriate interventions by Federal Government to make solar energy less expensive and to boost
inclusive economic growth in the country.
The fabricator said “this will further lead to job creation and reduce poverty because it will enable Small and Medium Entrepreneurs (SMEs) to thrive.”
Also, Mr Bose Akinwunmi, a carpenter, said that financing solar solutions would create new economic opportunities and increase access to energy.
While stressing his preference for solar energy in carrying out his daily activities, Akinwunmi also bemoaned the high cost of estimated electricity billing system.
He said that “aside my preference for solar in my workshop, I also want to have it at home if I can afford it because I cannot continue to rely on power supply from the national grid.
“Solar energy is radiant light and heat from the sun. So, it will have been a good idea having it, particularly now that we are experiencing hot weather.”
Mr Felix Osuji, a financial analyst, said that any decision to use public funds to support renewable energy technology represents a commitment of government to utilise scarce public resources to fund investments.
“In principle, the private sector should be capable of funding such investments, given an appropriate enabling framework.
“Indeed the private sector does so in many countries and in doing so it increases resources available to other activities that may be far less amenable to private funding, such as health care and social welfare,’’ Osuji said.
Mr Bala Mustapha, an environment expert, said that aside serving as an alternative energy, communities could achieve cleaner and healthier environment from reliable and sustainable solar solutions.
According to him, increased use of solar energy in the country will lead to attendant reduction in greenhouse gas emissions and contribute to climate change mitigation.
“This will generally improve the quality of life and general welfare of the citizenry,’’ Mustapha said.
