Exploring the Economic and Environmental Benefits of Solar Energy Generation in Developing Countries: The Nigerian Perspective

Abstract

Fossil fuels are the main sources that are being used to produce energy today. They are not only fast depleting but they are also polluting the environment, and affecting the economic stability of many countries. While renewable energy has been spoken about for more than three decades, fossil fuels have increased in use and reduced in supply. Although some gains have been made in the quest for alternative energy sources, there is an urgent need for a switch to renewable energy sources in time enough to avoid significant and permanent environmental and climatic changes Solar energy source of generating electricity among others represents a new opportunity that promises a clean and environmentally friendly and economic energy production for developing countries in tropical regions. This paper examines the economic and environmental benefits of solar energy generation in Nigeria, and also evaluates the economic and environmental viability of the sun’s potential to generate electricity power for majority of the residents of Nigeria.

Keywords: alternative energy, economic stability, environmental viability, fossil fuels, renewable energy, solar energy