Expert Urges More Funding For Renewable Energy
A power expert, Mr Segun Adaju has urged the government and organisations to invest more funds towards the development of renewable energy to boost electricity.
Adaju, who is the Chief Executive Officer of Consistent Solar Energy Company, said this in an interview in Abuja on Sunday.
He said that one of the major challenges being faced in the development of renewable energy was finance, adding that the cost of acquiring solar was high.
”However, when you acquire it, there is little maintenance to be done, and there will be no need to buy fuel or diesel to power your generator.
”Once you acquire the solar system, there is little maintenance that you carry out over a period of three years, it is cheaper you don’t have to incur any cost, ”he said.
According to him, to address the challenge of finance in the purchase of solar systems, there is the need to create what is called” consumer finance” in simpler terms credit.
Adaju said that consumer finance was where anybody could go to a bank or company and lease a solar system and pay over three years, and the money spent in buying fuel or diesel for generators would be used to repay.
He said that the country had a target to generate 30,000 megawatts of power by 2030 and 30 per cent of it would be renewable energy.
Adaju said that members of Renewable Energy Association (REAN) of Nigeria were already working on using local content to develop renewable energy
”Some of them are already producing solar panels and batteries between 2030-2050 we should be able to produce a hundred per 9 cents, ” he said.
