How to Start Solar Energy Business in Nigeria (2022)
Solar installation is a viable business to start in Nigeria, as the country’s present electrical situation appears to be deteriorating, forcing millions of individuals to seek alternative sources of electricity. As a result, the use of inverters and solar-powered batteries is now possible in the country. As we progress through this post, we will discuss solar energy and provide step-by-step directions on how to start a solar energy business. Please continue reading to learn more.
Solar Energy: A Quick Overview
Solar energy, also known as solar power, is the radiation from the sun to the earth that triggers chemical reactions, which can then be utilized to generate electricity, according to Encyclopedia Britannica. One of the benefits of this form of energy is that it has an infinite supply and produces no pollution, making it more appealing as a bioenergy.
Solar energy is as simple as absorbing the sun’s heat via solar panels and then transforming that radiant energy into electricity using solar-powered batteries and inverters. Because so many Nigerians are looking for alternate energy sources, the solar energy industry in the country is becoming a very profitable business. People in Nigeria have been motivated to look for long-term solutions to their power problems as a result of the country’s erratic power supply, which has proven to be a beneficial move for individuals who have decided to start a solar business in the country.
This renewable energy source is better to using fossil fuels because it is quiet and presents no risk to the environment. The following are the procedures to starting a solar company in Nigeria.
How can you establish a solar energy business in Nigeria? The following are the stages to starting a profitable solar energy firm in Nigeria this year:
Get A Registration Certificate For Your Solar Energy Business
As with many other businesses in Nigeria, one of the first steps in starting a solar energy company is to register it with the Corporate Affairs Commission (CAC).
Your business can be set up as a sole ownership or as a limited company (LLC).
Registration of your business name, on the other hand, is less expensive and allows you to open a corporate account with any commercial bank.
Your company acquires credibility and reliability once it is registered with the CAC. You should also register with the appropriate solar energy unions in your nation so that you are covered by their parent body and can operate without interruption.
Create A Solar Business Plan
To succeed in the solar industry, you’ll need a well-thought-out business strategy. It will aid you in deciding what to do and how much money to set away for your new business.
It should include equally long and the short objectives so which you can stay focused on your long-term objectives.
Choose A Field of Specialty
Starting a solar energy business in Nigeria can be done in one of the following ways:
This one will necessitate forming a partnership with some of the country’s largest renewable energy producers. You may not require a large sum of money to get started. All you have to do is go to these places and haggle over rates.
You can begin marketing to potential clients once you’ve settled on pricing. You might buy from the manufacturer at the agreed-upon price and resell at a profit after your clients have paid.
The following are three main elements that you’d be selling:
Solar Panel – A solar panel is a mechanism that absorbs the sun’s radiant energy.
Inverter – An inverter is a device that saves electricity in a battery for later use.
Installing solar energy goods is another way to begin a solar energy business in Nigeria. And not everyone in the country knows how to install and maintain items, and even if they do, they’ll require electrical and technical skills. You can establish a relationship with solar energy product vendors so that they can contact you if a customer purchases something from them and requires installation.
Another way to break into this profession is to work as a solar energy equipment repairer. You can learn how to fix these machines and then offer your services to inverter owners when one of their machines breaks down.
Obtain A Good Location For Office Space
A good location will assist you in attracting the customers you require for your organization. If you’re just beginning started, you can work from home; but, as your business grows, you’ll need to find an office space in a great spot to acquire the visibility you need for new clients. Because you are in the solar energy industry, you may need to select an office space with inconsistent electricity while keeping in mind that you want to be near people who would buy your product.
Market Your Solar Energy Business
Finally, you should publicize your business and make it known to everyone, especially potential clients. People will become conscious of your company if you advertise it. Make sure to market your business to the people who fit your target demographic.
This article went over the steps for launching a solar business in Nigeria in great detail. We believe that providing you with a path into the lucrative solar energy industry was really beneficial.