How to Start Solar Energy Business in Nigeria (2023)
Solar installation is a lucrative business to start in Nigeria as the rise in the country’s current electricity situation seems worrying, millions of citizens have been forced to look for alternative electricity generation. As a result, using inverter and batteries charged with solar energy has become available in the country. We shall describe solar energy as well as provide step-by-step instructions on how to begin a solar energy business as we proceed through this post. Kindly read on and find out much more.
SOLAR ENERGY: A QUICK OVERVIEW
As per Encyclopedia Britannica, solar energy, generally referred to as solar power, is the radiation from the sun capable of producing heat that initiates chemical reactions which in turn can be used to generate electricity. One advantage of this source of energy is its endless supply and lack of pollution, which makes it more enticing as a renewable energy source.
Solar energy is as basic as absorbing the heat of the sun through solar panels and then converting that radiant energy into electricity using solar powered batteries and inverters. Since so many Nigerians are continually looking for alternative energy sources, the solar energy industry is becoming very lucrative business in the country. Nigeria’s unpredictable power supply has encouraged people to look for long-term solutions to their power problems, which has turned out to be a good move for those who have decided to launch a solar business in the country.
This renewable source of energy is preferable to the use of fossil fuels since it is silent and poses no worry or hazard to the environment. The steps to start a solar company in Nigeria are explained below.
HOW TO START SOLAR ENERGY BUSINESS IN NIGERIA (2023)
In Nigeria, how do you start a solar energy business? The steps for establishing a lucrative solar energy company in Nigeria this year are as follows:
OBTAIN A CERTIFICATE OF REGISTRATION FOR YOUR SOLAR ENERGY COMPANY
One of the very first procedures in launching a solar energy business in Nigeria is to enlist it with the Corporate Affairs Commission, as with many other businesses in the country (CAC).
Your company could be organized as a sole proprietorship or a limited liability corporation.
However, registering your business name is less expensive and permits you to create a corporate account with any bank in the country.
Once you register your business with the CAC, it gains credibility and reliability. You should also register with the proper solar energy unions in your country so that you will be covered by their umbrella body and will be able to operate without any issues.
CREATE A SOLAR BUSINESS PLAN
In the renewable energy industry, you’ll need a sound business strategy to flourish. It will assist you in determining what to accomplish as well as how much funds to set aside for your new firm.
This should include both long-term and short-term goals so that you can keep focused on what you want to achieve over time.
CHOOSE A SPECIALTY IN THE FIELD OF SOLAR ENERGY
One of the following options for starting a solar energy business in Nigeria is:
- SELL CUSTOMERS SOLAR PRODUCTS
This one will demand developing a collaboration with some of the country ’s major renewable power product producers. You may not need a significant chunk of money to get started. All you have to do is visit these establishments and negotiate over prices.
When you’ve already agreed on pricing, you may start marketing to potential customers. You might make a purchase with the manufacturing company at the agreed-upon price and sell at a profit after your customers pay.
Three important components that you will be selling are as follows:
- Solar Panel – A device that absorbs the sun’s radiant energy is known as a solar panel.
- Inverter – A device that stores energy in a battery for later use is known as an inverter.
- Battery – Once the sun sets or the power source fails, the inverter automatically switches to the battery’s energy. The batteries are available in a range of capacities, including 50 ah, 100 ah, 200 ah, and so on.
- BECOMING A SOLAR ENERGY PRODUCT INSTALLER
Up a different option to start a solar energy company in Nigeria is to install solar energy products. And not everyone in country knows how to install solar products, and if you do, you’ll need electrical and technical knowledge. You can develop a connection with solar energy product sellers so that they can call you if a client buys something from them and needs it installed.
- BECOME A SOLAR ENERGY EQUIPMENT REPAIRER
Working as a solar energy equipment repairer is yet another option to break into this field. You can study how to repair these equipment and then sell your services to inverter owners whenever one of their equipment fails.
OBTAIN AN OFFICE SPACE AND A GOOD LOCATION
A prime area will help you get the customers you need for your business. You can work from home if you’re just getting started, however as your company expands, you’ll have to get an office space in a convenient location to gain the exposure you want for potential clients. Since it is a solar energy business, you may also need to find an office space with erratic electricity and taking into account that you would like to be nearby people who will buy your product.
PUBLICIZE YOUR SOLAR ENERGY BUSINESS
Lastly, you should advertise and get your business known to all and sundry especially your potential clients. If you promote your company, people will become aware of you. Make certain to market your company to your target demographic.
As several residents in Nigeria are always looking for alternate power sources, the solar energy industry in the country has become quite lucrative. Nigeria’s poor power supply in most sections of the country has prompted residents to seek long-term answers to their power problems, and solar energy has proven to be a boon. When opposed to the use of fossil fuels, this renewable source of energy is the way to go because it is quiet and poses little or no risk. This write-up was extensively on the procedures of starting a solar business in Nigeria. We believe it was indeed helpful to give you a way into the remunerative solar energy industry.