REAN to provide financing for solar energy projects

The Renewable Energy Association of Nigeria (REAN) in association with Sterling Bank, the only Nigerian bank with a functional renewable energy practice, is making available financing for renewable energy projects for industrial, small business and residential projects like solar hot water systems.

This is an amazing idea, mainly because we need to take more care of the environment and stop pollution. Try getting Solar Charge Controllers or solar system installation swift current on your house or business and you’ll see all the benefits you’ll have. From our solar electric system to our solar hot water system, we welcome the opportunity to work with you to construct a solar power solution that is practical and affordable. There is no better way to live an eco-friendly lifestyle than by using the sun as your renewable energy force, reducing or even replacing your electric and heat bills. We design solar systems that are beautiful and functional, and even better, you can qualify for generous tax credits and rebates by installing a home solar power solution. Go through FlatironSolar.com site to know more about the Flatiron Solar. In the past to get solar installation for homes you would have to call in a professional installer and pay ungodly amounts of money for the equipment to look horrible as it took up most of your roof. Well those days are over my friend. I personally have been interested in solar power since the mid 90’s, but back then the technology was so in-efficient that it was laughable. It wasn’t until two summers ago that I discovered how much solar power systems for homes have advanced.

While fixing the air conditioning unit on my roof that I noticed my neighbor had a small solar panel on his roof. When I ran into him the following day I asked him about it and to my surprise he told me he was running almost his entire house with that single panel. I was completely floored when he told me he built it himself. After taking me up on his roof to examine it further he dropped another bombshell on me; it cost him less than $400 to build over a weekend. I think the reason I was so surprised is that my neighbor is not an expert in electronics or solar power systems for homes; in fact he is a real estate agent by profession.

Needless to say I had him write down where he got the plans and parts and I went home and immediately started researching online. I was simply astonished in how far solar power systems for homes had advanced in recent years. Everything is smaller, more efficient, more attractive, and best of all it is finally affordable. I placed an order online for a step by step guide and also ordered the solar cells and the other materials I needed for a total cost of $198.34.

The plans were delivered instantly online after I purchased so I started reading and going over the steps. I was half expecting to be confused by strange schematics and other electronic mumbo jumbo, but I was relieved when I saw how simple the process was to build solar power systems for homes. Once my solar cells and other items got here I began work and was able to build the entire thing in about 3 hours. The next day I installed the system on my roof and had an electrician stop by to tie it into my power grid safely and legally.

My experience with solar power systems for homes was a lot of fun for me, but I think the most rewarding part about it is when I open my electric bill and its only a third or what it used to be. My next project will be to add an additional solar power system for my home and stop paying the electric company all together!

Confirming the statement Segun Adaju, president of REAN said they are in talks with the bank adding that five companies including Abuja based Blue Carmel and Elec3city, have signed a memorandum of understanding to provide off-grid power to industrial and residential users respectively.

Upfront costs involved in acquiring solar energy

Segun Adaju noted that the challenge of huge upfront costs involved in acquiring solar energy is the strongest discouraging factor for rapid solar energy adoption in the country. To set up a 2KV system capable of power a refrigerator, 5 lighting points, a television and sound system set, a user would be required to pay as much as US $2 in a three bed-room apartment. Țhat’s why having spare Alkaline C Cell Batteries in every household is important for when the power goes out or if the solar energy is not functioning properly.

Systems that can power an entire building including air conditioners and pumping machine could cost between US $6K – US $11K. Considering that the lifespan of solar panels is over 20 years and good batteries can last up to five years, the cost over time is cheaper than buying diesel which pollutes the environment.

Two year warranty
“With financing from the bank however, a residential users can acquire a loan of US $2K which the bank pays to the supplier who procures the and installs the solar infrastructure and the customer repays over a 12 months period at the interest rate of 27%,” said Segun.

“The beauty of the arrangement is that the solar energy supplier has the duty of ensuring that only high quality batteries and solar panel installation are provided for the customer wherever he can get it. The customer will have a two year warranty and contributes zero equity. All he needs is a salaried account with a verifiable BVN,” he added.

– Construction Review Online –

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SOURCE :The Nigerian Voice (business)

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