Retscreen Analysis of Solar Energy Project in Lafiagi, Kwara State, Nigeria

1
Banjoko I.K
Banjoko I.K
2
Ibrahim
Ibrahim
3
B.B
B.B
4
Usman
Usman
1 Institute of Applied Sciences, Kwara State Polytechnic

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This paper examines studies to evaluate the economic viability of off-grid photovoltaic PV renewable energy technologies for rural applications in Lafiagi, Kwara State, Nigeria, to meet the government set target. It utilizes the life-cycle cost to estimate a 25 years life-time of an offgrid electrification project and compare with the cost of paying for grid-electrification within the same period. The result shows that such a project is economically viable. The project yield a strong positive pre-tax IRR on equity and a positive pre-tax IRR on assets. A simple payback can only be guaranteed in the project life span. Meanwhile, an equity payback can be completed within 12 years of the project life cycle.

32 Cites in Articles

References

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  20. (2011). Policy and Governance Framework for Off-grid Rural Electrification with Renewable Energy Sources.
  21. G Forley (1990). Electricity for Rural People.
  22. D Kerridge,L Hood,P Allen,B Todd (2008). Y Mynydd:.
  23. Subhes Bhattacharyya,Prasanta Dey (2007). Managing risk in a large rural electrification programme in India.
  24. S Shaahid,M Elhadidy (2008). Economic analysis of hybrid photovoltaic–diesel–battery power systems for residential loads in hot regions—A step to clean future.
  25. E Sanneh,A Hu (2009). Lighting Rural and Peri-Urban Homes of the Gambia using Solar Photovoltaics (PV).
  26. Shafiqur Rehman,Maher Bader,Said Al-Moallem (2006). Cost of solar energy generated using PV panels.
  27. Alireza Mirzahosseini,Taraneh Taheri (2012). Environmental, technical and financial feasibility study of solar power plants by RETScreen, according to the targeting of energy subsidies in Iran.
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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

Banjoko I.K. 2019. \u201cRetscreen Analysis of Solar Energy Project in Lafiagi, Kwara State, Nigeria\u201d. Global Journal of Science Frontier Research - A: Physics & Space Science GJSFR-A Volume 19 (GJSFR Volume 19 Issue A4): .

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GJSFR Volume 19 Issue A4
Pg. 49- 56
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Crossref Journal DOI 10.17406/GJSFR

Print ISSN 0975-5896

e-ISSN 2249-4626

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GJSFR-A Classification: FOR Code: 020109
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v1.2

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June 22, 2019

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English

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This paper examines studies to evaluate the economic viability of off-grid photovoltaic PV renewable energy technologies for rural applications in Lafiagi, Kwara State, Nigeria, to meet the government set target. It utilizes the life-cycle cost to estimate a 25 years life-time of an offgrid electrification project and compare with the cost of paying for grid-electrification within the same period. The result shows that such a project is economically viable. The project yield a strong positive pre-tax IRR on equity and a positive pre-tax IRR on assets. A simple payback can only be guaranteed in the project life span. Meanwhile, an equity payback can be completed within 12 years of the project life cycle.

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Retscreen Analysis of Solar Energy Project in Lafiagi, Kwara State, Nigeria

Ibrahim
Ibrahim
B.B
B.B
Usman
Usman
A.
A.

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