Table of Contents
What is Solar Panel
Solar panels are devices that convert light into electricity. They are called “solar” panels because most of the time, the most powerful source of light available is the Sun, called Sol by astronomers. Some scientists call them photovoltaics which means, basically, “light-electricity.
Solar Panel Cost
The price of a 200W monocrystalline solar panels starts at around 39,000 Naira. A 200W polycrystalline type starts at 43,000 Naira. In all, you can buy a Solar Panel starting at 10W for 6,000 Naira. Note that solar panels can come with different output voltage while the average cost of installing a 4-kW solar PV system for an average three-bedroom household in Nigeria is N1. 8 million ($9,090) including the costs for a battery bank for energy storage.
Solar Panel Installation Cost
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Most times the cost is usually calculated with the amount you purchased it,
The cost to install solar panels through a national solar installer is steep: they mark up the installation at 100-200% of the cost of equipment. A large solar installer might charge up to $30,000 to install a system you could get for $10,000 from a distributor.
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Largest US Solar Panel Manufacturers By Capacity
- Tesla/Panasonic — 1,000 MW.
- LG Solar USA — 500 MW.
- JinkoSolar — 400 MW.
- Sunenergy California — 400 MW.
- Silfab Solar — 400 MW.
- SunSpark USA — 200 MW.
- Mission Solar — 200 MW.
- SunPower — 150+ MW.
Benefits of solar energy: top pros to keep in mind
There are many benefits of solar energy. Here are our most important ones to keep in mind:
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1. Solar can either drastically reduce or totally eliminate your electric bills
This top benefit of solar panels is pretty straightforward – when you install solar power for your home, you generate your own electricity, become less reliant on your electric utility and reduce your monthly electric bill. A solar panel system typically has a 25-35 year lifespan, which means that you can cut your electricity costs for decades to come by going solar. Use this instant estimate tool to get a customized estimate of your long-term electricity bill savings and review personalized projections for up-front cost and 20-year solar savings.
2. Solar improves the value of your home
Millions of U.S. homeowners are interested in solar panels but haven’t taken the time to figure out what it takes to install them. This consumer reality and the undeniable benefits of having solar panels on a home complements recent studies that found property values increase after solar is installed. Thus, the second “pro” of solar can help to level out one of the cons that we discussed earlier – even if you’re planning on moving in the near future, you’ll earn back your solar panel investment and then some when you sell your home. To learn more about the increased resale value of solar homes and find out just how much solar adds to the market value of your property, check out this article on solar and property values.
3. Solar can pay you money while you’re earning back your investment
Due to a number of awesome solar incentives in the U.S., solar panels can actually turn you a profit in addition to generating bill savings that pay off the cost of the system. Solar renewable energy credits (SRECs) and net metering are two key benefits of solar that allow you to earn bill credits (or even extra cash) as your system produces electricity. In these scenarios, you are being compensated for the electricity that your solar panels generate. If you live in a state where either of these incentives apply, you can expect both immediate and long-term returns from your solar investment.
4. Going solar gives you control over rising energy costs
Many homeowners face anxiety when it comes to their electricity bills because, in most scenarios, there is nothing you can do to control your utility electricity rate. While the cost of solar has decreased by more than 70 percent in the past decade, the cost of electricity has risen by about five percent, and that trend in rising electric cost is expected to continue. Going solar puts you in the driver’s seat when it comes to energy generation. Utilities are quickly adapting to the rising adoption of renewable energy and the U.S. government is quickly increasing its goals for greenhouse gas emissions reduction, which means there’s really never been a better time to be energy autonomous.
5. Save money
Solar panels help your business save money by generating free, green electricity to be used onsite, lowering your energy demand from the grid during daylight hours and saving you thousands of pounds every year on energy bills.
6. Save the environment
Generating your own electricity from solar reduces your carbon output and could offset most, if not all, of your business’ carbon emissions. With climate change a major topic of concern at the moment, green initiatives are a popular strategy for a business to achieve competitive advantage in their industry and strengthen relationships with their supply chain and customers.
7. Energy security
It’s an alarming reality that the grid is currently struggling to generate significant electricity supply to meet the growing demands of the UK. The cost of your business going off-grid needs to be considered against a solar panel installation that would keep you in supply should the unthinkable happen. The Government have already introduced mandatory energy audits from large businesses through the mandatory Energy Savings Opportunity Scheme, hinting that future energy usage from the grid could also be regulated.
8. Battery storage solutions
Integrating a solar panel system with an onsite solar battery storage solution is also a great way to leverage additional financial and energy security benefits for your business. By storing and using all of the self-generated electricity instead of exporting surplus energy back to the grid, you can realise even greater savings, in addition to further reducing your reliance on the National Gird. Having energy stored onsite can also protect your business from power cuts and allow you to remain operational.
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Pros and Cons of Solar Energy
If you’re considering installing a solar panel system, you’ve probably already had your share of exposure to solar marketing, whether through spammy ads promising free solar panels or a knock at the door signaling an eager solar salesman ready to convince you why you should go solar. To make the right decision for your home, you need to be able to distinguish between the real pros and cons of solar energy and the solar myths that are sometimes communicated in the media.
Solar is a revolutionary energy solution for property owners of any type, but like any energy decision, choosing to go solar has various advantages and disadvantages you should keep in mind. Of all the common benefits and drawbacks that come with going solar, here are a few of the ones that consistently rise to the top:
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Conclusion
- Everyone wants light and would pay any amount (reasonably) to get it. Even in urban areas where there are generator sets, people still need solar power to support either their businesses or homes.
- Going over to the rural areas, more demands are in place. Power hardly get to these areas and getting a solar powered gadget is more than an option. I know of someone who bought a little solar lamp for 7,000 naira just because it was solar powered.
Bottom line is; power is needed in Nigeria and the Electricity Distribution Companies are not ready to help, individuals have no option but to look for alternatives like this, and that is why the Solar panel business is a very profitiable business.
