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Solar Energy Business Plan Financial Analysis in Nigeria (Download PDF) - January 10, 2020

Our sample Solar Energy Installation Business Plan in Nigeria can be used to access bank loans, proposal writing, and grant applications.

This business plan complied after a proper feasibility study on solar energy production and installation in Nigeria was carried out. Furthermore, this article will answer the following questions for you in solar energy in Nigeria:

  • The solar energy market in Nigeria
  • How to start a solar power business in Nigeria

There are several ways of sourcing electric energy, some of them include hydroelectric means, turbines, generators, and solar radiation, to mention but a few.

As we know it, for industries to thrive electrical power is of utmost importance and to be candid this is one of the major problems we are facing in Nigeria today. The cost of using alternative sources to generate electricity other than what the government is quite costly and unfriendly to businesses.

Today you find so many businesses spending a major part of their profit on generating electrical power for production purposes.

Asides the importance of power for production and business purposes, the importance of power on the home front cannot be overemphasized, this is because a lot we do at home requires electrical power. Ranging from making foods to just relaxing by watching television, the average Nigerian home is run on electricity.

The challenge, however, is that Nigeria still has not gotten the formula for constant power supply right, the power supply is so epileptic that in 85% of the areas of Nigeria you hardly find a day that the electricity does not go off.

Get your Solar Energy Installation Business Plan in Nigeria today. To order the business plan, pay N20,000 to:

Polaris Bank
3050308918
Idowu Oluwole

After you have made payment for your Solar Energy Installation Business Plan Nigeria PDF feasibility study, send your email and payment details to 08032773749 Once your payment has been verified the Solar Energy Installation Business Plan PDF will be sent to your email.

The epileptic state of our electricity supply calls for a lot of supply and this has made a lot of people to begin to seek other ways they can generate electrical power privately for their home and business purposes.

One such way as mentioned earlier is the use of solar energy, even though it is not so common, it is recognized as having so much potential. There is no doubt that running a solar energy business will make huge profits to the entrepreneur because there is a ready market for it.

When you consider the location of the country, you will realize that Nigeria lies in the tropics, just a little above the equator. This is where the sun shines the most worldwide and so we have no problem with respect to whether we will have enough solar radiation to feed the solar panels.

The average daily sunshine period in Nigeria is between six and nine hours, which is more than what is experienced in most countries who have effectively implemented the use of solar energy to generate electricity. Presently, Nigeria experiences about 5.25KW/m2 to 7.0KW/m2on a daily basis and this converts to about 4.851 x 1012KW of energy daily from the sun.

If you were to convert this figure to tons of oil per day you will get about 1.082 million tons daily. You are shocked, right? If only we could invest in solar energy, you can bet we will have constant electricity in less than no time.

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Economic benefits of proper channeling of solar energy

There are several benefits of using solar energy, in this section however let us take a look at the benefits to the economy alone since we are talking about business here. They include:

  • It helps to reduce the cost spent on fueling generators and other sources of energy. In other words, it provides us a method to get cheap electricity.
  • The use of solar electricity helps to expand the economy such new jobs are created at all levels.
  • The proper use of solar energy also helps to improve the foreign exchange of a nation such that a lot of money to be used on import of other more expensive means of generating electricity and their spare parts is saved and channeled to other business ventures.

Installation of solar panels

The solar energy business is quite humongous as a result there are several ways one can be involved in this business. You could be a seller of panels and batteries, or be involved in installation or repairs, or some other ways. Whichever method you choose, there is a lot of money to be made.

For the purpose of this article, however, we shall stick to solar installation as a business. The reason for this is that solar installation accounts for about two-thirds of the revenue that comes into the solar energy business sector. It has been noticed and it will continue to be the trend that solar panels are becoming cheaper and as such, the demand for them and their peripherals has greatly increased in the past five years.

In the next few paragraphs, we shall take a look at how you can start your solar installation business.

Feasibility study

Before you start any business it is advised that you take some time out to properly study the sector and understand the intricacies and dealings. You do not want to step in and find out that you were not fully prepared. As we all know nothing, especially in business, is the way it looks on the outside, there are always pitfalls along the way.

Your feasibility studies will help you understand these pitfalls, understand the latest trends in the industry and how best you can channel your resources to generate maximum profit.

You will do well to take surveys and also visit other solar installers in your area and beyond to find out about the trade.

Write a detailed business plan

Business plans are key to having a successful business, a lot of entrepreneurs take this for granted these days because they feel it is costly to hire someone to write for them.

You should endeavor you invest in a proper business plan as it will help you direct your business and should need a loan it will help you communicate to your financiers. Most of the information you need to write your business plan will be provided by the results of your feasibility study.

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Raising capital

This is key because no business can run without capital. The mistake a lot of people make is that they think that capital refers to physical cash alone. Capital goes beyond cash to everything you need to run the business in terms of investment.

This business is quite capital intensive because it requires a whole lot of investment especially in the areas of pieces of training, certifications, registration, insurance, procuring tools and spare parts, publicity, and marketing, etc.

You do not have to be afraid however, you do not have to raise all of the capital all at once, you can do things gradually or just seek a loan using your business plan.

Enroll for necessary training

This is one business that you cannot do without gaining adequate knowledge, you will need to seek as much training as you can and attend. Since some of these training is costly, you can use the option of going through the internet, especially YouTube, to find videos and tutorials that can put you through from the convenience of your bedroom.

You must understand simple issues like wiring, construction, installation of the panels on the rooftops, installation of the inverter batteries, and several more, without these you can hardly be certified as a solar technician who can handle solar installation projects.

Business registration and certifications

For you to run a business of this magnitude in Nigeria it is advisable to register your business with the country’s register of companies, which is the Corporate Affairs Commission (CAC). This registration will afford you’re the business the opportunity to get all the certificates that are necessary for such a business.

Asides this it will also help to boost the confidence of your potential customers to deal with your business as well as improve the odds of you securing a loan from the bank or other financiers if the need arises. Apart from the registration with the CAC, you should find out other certifications that businesses in your sector need to operate and ensure that you get them.

These will offer you a better platform to seek jobs and also save your business from unnecessary embarrassment

Secure a reputable insurance policy for your business

Insurance is not so popular in this part of the world, especially for businesses. To most business owners it is more of a burden than a lifeline. In developed countries, they hardly run any business without it being insured.

This is because insurance in itself is not a luxury or a matter of status, it is simply securing your business against risks and losses. Your business needs all the protection it can get against every form of risk that may arise in line with work, the best way to guarantee this is by ensuring the business using a reliable insurance company.

The different insurance covers you might consider include liability insurance cover, personal coverage, life insurance, etc.

Develop a working relationship with existing solar energy suppliers

As you know, solar energy is gradually taking over, stealing the market from fossil fuels and other previous means of electricity generation.

This means the market is getting wider and more saturated on a daily basis. You will need to develop business relationships with people who are already in the business, especially wholesale suppliers.

Now let me explain why, the wholesalers are major distributors of the solar panels and inverters, people get to buy from them on a daily basis from different parts of the country.

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These people will need technicians to help them installed the purchased panels and inverters, that is where your relationship with the suppliers comes in. once a request comes in, you are recommended as the tech person for the installation job, even if you will compensate the wholesaler with some commission.

Acquire all the necessary equipment

Every workman needs his work tools to be efficient at what he or she does. It is expedient as a solar technician and installer to get all the tools you will need to work on-site before you even set out to advertise your services.

Asides getting tools for yourself, if you are starting an outfit where you will have employees, you will also need to get tools for employees.

This will show how serious you are with the business and how efficient you will be on the job. Some of the tools you will need include drill bits, earplugs, rope and harness for rooftop works, earplugs, safety glasses, gloves, screwdrivers, pliers, hammers, hard hats, boots, a utility knife, etc.

Advertising and publicizing the business

Even if you have ticked all the boxes and you refuse to publicize the business, you will end staying in your shop without having any patronage, at the end it will be a waste of resources.

You definitely do not want that to occur so you have to use all the means possible to declare your services to the world. There are several ways of publicizing your business, you can use any of the following, social media, print media, handbills, billboards, word of mouth, bulk SMS, etc.

The best way of publicizing your business is by getting referrals, this means that you must offer the best of services to your clients and also use the network of the wholesalers as stated before.

In conclusion, the solar energy business is a very lucrative and profitable business, it all depends on how you manage the business and handle your affairs.

As stated earlier it is best you study the sector as much as you can before diving in so that you do not end up regretting the decision. I trust this information has been quite helpful to you in your quest for knowledge about the solar energy business.

Get your Solar Energy Installation Business Plan in Nigeria today. To order the business plan, pay N20,000 to:

Polaris Bank
3050308918
Idowu Oluwole

After you have made payment for your Solar Energy Installation Business Plan Nigeria PDF feasibility study, send your email and payment details to 08032773749. Once your payment has been verified the Solar Energy Installation Business Plan PDF will be sent to your email.

Solar Energy Business Plan Financial Analysis PDF/doc in Nigeria On https://funloaded.org.ng

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I'm the founder of funloaded.org.ng Nigerian educational resourceful digital content website that ignites student's curiosity and inspires educators to reimagine learning as a solid ground, with improving student achievement.

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