How To Start Solar Energy Business In Nigeria (2024)
In this article, we shall be discussing about how to start solar energy business in Nigeria currently in this year 2024. It is true that the power situation in the country currently is a thing to be concerned about and this has forced millions of Nigerians to look for alternative sources of power leading to the introduction of solar energy in the Nigeria. As we proceed in this write-up, we shall explain what solar energy is and give a detailed guide on how this business can be started. Do kindly continue reading to find out more.
SOLAR ENERGY: BRIEF OVERVIEW
According to Encyclopedia Britannica, solar energy or solar power is the radiation from the sun that is capable of producing heat, causing chemical reactions or generating electricity. It is increasingly attractive as a renewable source of energy because of its inexhaustible supply and its nonpolluting character. The use of solar energy as a source of power supply simply involves capturing energy from sunlight via solar panels and subsequently converting this radiant energy into electricity through solar batteries and inverters.
Because of the way many people in Nigeria are constantly looking for alternative power supply, this has made the solar energy business in the country to be very viable. Nigeria, still being plagued with epileptic power supply in most parts of the country, has made people to look lasting solutions to their power woes and this has proved a blessing in disguise for people who have taken it upon themselves to venture into solar business in the country. This renewable source of energy is the way forward as it is noiseless and carries little or no risk when compared to the use of fossil fuels. Going forward, the steps to start solar business in Nigeria are discussed below.
HOW TO START SOLAR ENERGY BUSINESS IN NIGERIA 2024
The following are the step by step processes on how to start solar energy business in Nigeria this 2024:
REGISTER YOUR SOLAR ENERGY BUSINESS
As with many other businesses in the country, one of the first things to do when you want to start your solar energy business in Nigeria is to register it with the Corporate Affairs Commission (CAC). Your business can be registered either as a business name or a limited liability company. However, it is cheaper to just register your business name, and with this, you can operate a corporate account with any bank in the country. Your business is more credible and reliable when you register it with the CAC. You should also register with the relevant solar energy unions in the country so that you can be covered by their umbrella body to operate without any issues whatsoever.
CHOOSE A NICHE IN THE SOLAR ENERGY BUSINESS
You can start your solar energy business in Nigeria via any of the following ways:
SELL SOLAR PRODUCTS TO CUSTOMERS
This will require you to enter into a partnership with with some of the top companies manufacturing solar energy products in the country. You may not necessarily need a huge capital to begin this way. You only need to simply visit these companies and bargain prices with them. Once you agree on a price, you can start advertising to your prospective customers. As soon as your customers make payment, you can then place an order from the manufacturing company at the agreed price and sell at a profit.
Three major components you will be selling include the following:
- Solar Panel: For tapping radiant energy from the sun. To check for the current prices of solar panels in Nigeria today, kindly click here
- Inverter: For storing the energy in the battery for future use.
- Battery: Through which the inverter automatically switches to the energy stored in it once the sun goes down or once power supply is interrupted (You can charge the battery using NEPA light if you do not have a solar panel yet). The batteries are in different sizes: 50ah, 100ah, 200ah etc.
BE AN INSTALLER OF SOLAR ENERGY PRODUCTS
You can also start solar energy business in Nigeria by being an installer of solar energy products. Not everyone knows how to install solar products in the country and if you are interested in it, you will need electrical and electronic knowledge. You can partner with solar energy product sellers so that they can contact you whenever a customer buys from them and they need an installer.
BE A SOLAR ENERGY EQUIPMENT REPAIRER
Yet another entry into this business is done via being a repairer of solar energy equipment. You can go and learn how to repair these equipment and offer your services to inverter users whenever any of their equipment develops a fault or needs servicing.
DRAW UP A BUSINESS PLAN FOR YOUR SOLAR ENERGY BUSINESS
A good business plan will help you go far in your solar business. You will need it to guide you on the things to do as well as the capital to set aside for the business you are about to venture into. It should also contain your long term plans as well as your short term goals so that you will have a focus on what you aim to achieve with the passage of time.
GET AN OFFICE SPACE/A GOOD LOCATION FOR YOUR SOLAR ENERGY BUSINESS
A good location will help you with the needed customers you are targeting for your business. If you are starting small, you can start from the comfort of your home but as you grow, you will need an office space at a good location to help drive traffic to your business. Because this is a solar energy business, you may need to acquire an office space where power supply is highly erratic while keeping in mind to choose a location where people who can afford your equipment.
ADVERTISE YOUR SOLAR ENERGY BUSINESS
Advertise your business so that people will get to know you for what you do. Ensure to take advantage of all the channels of advertisement to market your business to your target audience.
