Overview of Solar Energy in Nigeria

Solar power business is currently becoming a profitable business in Nigeria due to the constant power epilepsy and the availability of reasonably cheap solar energy materials.

Asides from this, it is likewise a lucrative business due to the climate of Nigeria. Because of the incessant heat throughout the dry season, lots of homes are currently installing solar panels and inverters simply to always keep their homes cool particularly during the day.

Solar energy does not always require power (NEPA) to provide 24 hours daily. This is one more reason lots of Nigerians are currently going with it in order to meet their electricity needs. If you are thinking about entering into solar installation or solar energy business in Nigeria, now will be the ideal time for you as power supply goes even worse every day. All you need is determination and capital to jump-start. Since lots of people in Nigeria are constantly looking for alternate source of power, the solar power industry in the nation has ended up being very feasible. Nigeria's irregular power supply in many parts of the country has triggered people to look for long-lasting solutions to their power issues, and this has shown to be a gift in disguise for those that have determined to start a solar business in the nation. When opposed to the usage of fossil fuels, this renewable source of energy is the method to go since it is quiet and presents little or no risk.

Potentials Solar Energy Business in Nigeria

It is very apparent that the solar power business in Nigeria is a lucrative business because of the inconsistent power supply. Initially, the need was low because of the high cost of solar power tools and devices now Nigerians are determined since they need 24 hours power supply to power their homes and workplaces.

Another reason the solar power business is lucrative in Nigeria is due to most of clients or customers that patronize the business. In Nigeria, many high-income earners and middle income-earners are mainly the clients that patronize solar power business. Solar energy business is broad and there are lots of parts of the business you can go into particularly as a newbie.

Requirements for Starting a Solar Energy Business in Nigeria

Here are the steps you will need to follow if you are thinking of starting a solar energy in Nigeria;

1. Develop a Business Plan Draft your business plan to summarise your business' future goals and procedures for accomplishing them. It will assist you with outlining the short-term and long-term objectives of your business.
2. Location Getting a business location and an office space is fundamental, particularly in the event that you are going large scale. Get an office space where the power supply is fair and where individuals can afford your products. Make sure that the site is in a developed and occupied location where the occupants know the importance of solar energy and have a need for it.
3. Specialisation Beginning a solar power business in Nigeria can be carried out in one of the following methods: This will require forming collaboration with a few of the country's biggest renewable energy producers. You might not need a large capital to get started. All you need to do is go to these areas and bargain over rates.
4. You can start advertising to prospective customers when you have settled on pricing. You may purchase from the manufacturer at the agreed-upon price and resell at a profitable price after your customers have paid. The following are two primary aspects that you will be selling: Solar Panel - A solar panel is a system that absorbs the sun's radiant power. Inverter - An inverter is a gadget that conserves power in a battery for later use. This is the point where you choose what aspect of solar power business you wish to focus on. A solar business can be run in the following methods: Register Your Business After completing all other tasks, go for registration of your business with the Corporate Affairs Commission (CAC). It is the authorized body for business registration. Registering your business will make clients see it as dependable and reputable. You likewise have to register it with appropriate government institutions to prevent business disruption or court action. It needs to run within the legal demands of the nation.
5. Promote Your Business Promote your business by using various tools. Maybe with posters or social media or various other tools available in your locality.

Overview of The Template

The Template gives concrete financial plan and projections for setting up a Solar Energy shop. Real business insights are included in this financial template to attract investors, grants and loans to make the business concern a reality.

The excel template is easy to use and modify. Current Real life prices were used in drafting this template by our team of seasoned accountants and financial analysts. The template is suitable for small and emerging businesses who see themselves giants in the various industries in 5 years time.

Features

1. Comprehensive Income Statement (Trading, Profit & Loss Account)
2. Statement of Financial Position (Balance Sheet)
3. Cashflow Statements

Use Scenarios

This excel template is most suitable for the following:

1. Promoters of existing and New Start-up Businesses that need funding in form of grants,loans,partnerships etc. from governement agencies and venture capitalists.
2. Business and Financial Analysts working on viability and feasibility of a Solar Energy business in Nigeria.
3. Business Administration and Entrepreneurship students who need a comprehensive financial plan for a Business Plan.
4. Investors and Venture Capitalist who need financial analysis of the Solar Energy business for informed decision making.
5. Entrepreneurs who need expansion ideas for their businesses.