In view of the hike in fossil fuel and electricity tariff, Solar solution providers and Real estate developers have partnered to promote the adoption of renewable energy for sustainable real estate.
This comes as Financial institutions vow commitment to making funds available for Developers and households who seek off grid energy solutions.
Femi Adeyemo, Chief Executive Officer, Anargy, during a Stakeholders dialogue held in Abuja on Wednesday said, Solar solutions have provided 30% to 45% financial reduction of energy cost hence the need to scale up solar solution’s by making finances available
Adeyemo, while highlighting Financial Institutions’ Models to Ease Initial Solar Solution Costs, said payment can be spread over time for consumers who seek adoption.
“With the removal of fuel subsidy, we see the urgent need for affordable alternative for energy supply in Nigeria but we are aware of the financial constraints hence we partner with financial institutions like Stanbic IBTC, Sterling and FHA Mortgage Bank, who are committed to providing funds to Businesses and individuals to adopt solar solutions,” he said.
In her remarks, Monsurat Muhammed, Head of Business Development at FHA Mortgage Bank, reiterated commitment to facilitate Solar Solution Funding and expressed willingness to partner with Real Estate Developers for project acceleration.
“The low and the middle income earners can now purchase energy solution for as low as N250,000 to N850,000 and the payment is spread for 3-5 years period,” she said.
Sadiya Aminu, Managing Director Urban Shelter, who equally spoke at the forum, highlighted the need for government to provide an enabling and thriving environment by ensuring a zero tariff for importation of inputs.
She said the Solar industry is faced with myriad of problems ranging from accessibility to solar equipment and services, inadequate funding, inefficient players in the industry and inadequate capacity to meet demands.
She said “ Solar providers need to accelerate efficiency and capacity. It is becoming a jack of trade where everyone delves into, but when you inquire on their expertise most time you will realize they have no factory for production, engineers or skilled laborers.
“Considering longtime usage, Solar energy are more affordable, environment friendly and more sustainable. Government need to direct investments here as it aligns with the SDG goals. Government can help promote local production and grant an enabling environment that gives everyone a level playing ground not favoring any company,” she noted.
Olasunkami Abioye, Head Renewable Energy Project Finance & Credit Sterling Bank while stressing on the need for Solar energy capacity, reiterated the bank’s commitment to help Incorporate renewables energy into real estate.
“People should recognize the substantial economic advantages of solar energy, stemming from its sustainability and cost-effectiveness. While some individuals have encountered subpar equipment, following proper procedures can lead to obtaining the highest-quality products.
“Solar energy is effective, and our bank offers financing options for your solar projects. Although the initial cost of acquiring solar components can be high, we have methods in place to assist you in managing the upfront expenses,”!he noted