Technical and Economic Potential of Photovoltaic Power Generation for Wealth Creation
Anyaka Boniface Onyemaechi1, Okafor Charles Onyeka2
1Anyaka Boniface Onyemaechi,  Department of Electrical Engineering, University of Nigeria, Nsukka, Enugu State, Nigeria.
2Okafor Charles Onyeka,  Department of Electrical Engineering, University of Nigeria, Nsukka, Enugu State, Nigeria.
Manuscript received on September 21, 2013. | Revised Manuscript received on October 05, 2013. | Manuscript published on October 30, 2013. | PP: 102-106  | Volume-3, Issue-1, October 2013. | Retrieval Number:  A2169103113/2013©BEIESP

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Abstract: Energy is the lifeblood of economy development around the world and global economic growth depends on adequate, reliable and affordable supplies of energy. Key foreign policy objectives, including support for democracy, trade, sustainable economic development, poverty reduction and environmental protection rely on the provision of safe, reliable and affordable energy supplies. Nigeria receives abundant solar energy that can be usefully harnessed with an annual average daily solar radiation of about 5250 Wh,m2,day. This varies between 3500 Wh,m2,day at the coastal areas and 7000 Wh,m2,day at the northern boundary. The average amount of sunshine hours all over the country is about 6.5 hours. To enhance the developmental trend there is every need to support the existing unreliable energy sector with a sustainable source of power supply. This paper shows some economic potential of renewable energy development in Nigeria. First, the lay out estimates of employment creation that renewable energy has brought and could bring to Nigeria, exploring the issue sector by sector and looking at solar, wind, mini hydro, geothermal, modern biomass, and ocean. Also, mentioning how renewable energy generation can be produced locally to generate employment. Above all, this paper lays out how renewable energy can save the government money, bring jobs to the country, create wealth, expand access to energy for the most vulnerable in poor communities, and foster national energy independence.
Keywords: Solar energy, Renewable Energy Technology (RET), Small and medium enterprises (SME), Photo Voltaic (PV).