Debates and discussions centring around energy in general, and more particularly, renewable energy has been on and around for a while. These days, the conversation gets louder and more pronounced. What exactly can we expect from the Energy sector in Nigeria concerning renewable energy, and how will this affect the Nigerian real estate sector.
Before we go further, let’s take a look at the three most popular renewable energy sources.
1. Solar Energy: Solar energy, or simply put, energy gotten from the sun is the most popular form of renewable energy source in the world today. It takes energy from the sun with the aid of a solar panel, and through some process, converts this energy into electricity. This can then be used to power our day to day electricity needs. Both industrial and residential projects have made use of solar energy as the source of power, and this number is climbing upwards with every passing day.
2. Wind Energy: Self-explanatory as the name indicates, wind energy is simply energy gotten from the wind. Like in the case of Solar energy, wind energy also takes power from wind through a process starting with wind turbines and converts it to electricity. Wind energy, unlike solar energy, is not much in use for residential projects. Rather it is more prominently employed for Industrial/commercial use.
3. Geothermal Energy: This energy source is the least popular among these three renewable energy sources, especially in Nigeria. Geothermal Energy is gotten from heat through a complex boiling process and converted into electricity. Like Wind Energy, it is more prominent in industrial settings and usually not found in residential projects.
Looking at the world around us, we will notice that more countries and individuals alike are progressively embracing renewable energy, and recognizing its importance and role in solving the world’s energy problem. According to Svein Tviedal, a director at Klima2020, renewable energy is, without doubt, the future of energy. He believes that while fossil fuel enthusiasts will continue to work and strive to improve the production and availability of energy, the renewable energy sector will continue to champion great and new discoveries. These set of renewable energy enthusiasts, according to Svein Tviedal, will be the youth. Asides Tviedal, a lot of individuals, organizations and countries have recognized this fact and are taking significant steps to ensure that they are at the forefront of this game-changing sector. In Nigeria, we can see that the energy sector is continually developing and become more effective, from Solar Power to wind, hydroelectric and other forms of renewable energy.
The question that comes to mind after looking at the renewable energy sector will be “how does this affect Nigeria’s real estate sector?” And this is answered by looking at solar power in Nigeria.
In more advanced countries, there have been giant strides towards increasing the percentage of renewable energy in the power generation/energy sector. While Nigeria is yet to measure up with a lot of these countries, the country has itself made considerable progress in increasing the production and consumption of renewable energy.
Currently, solar power is the most prominent renewable energy source in Nigeria. A lot of houses are already being powered by the energy from the sun, giving them access to electric power at all time. What the progress and continued development of renewable energy in Nigeria means for the real estate sector, thereby, is the ability to build smart houses which is free of noise and air pollution and other innovative structures. With progress being recorded in the renewable energy sector, the Nigerian real estate sector has found a new backbone, a fuel to its quest to innovation and creativity. The future of renewable energy in Nigeria’s real estate sector is indeed a glorious one, one that heralds creativity and innovations.
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