Ghana Has the Potential to Be the Next Solar Power Hub

Ghana is one of the wealthiest countries in Africa, boasting a life expectancy of 74 years and an average of 5.6 hours of sunlight daily. With such promising prospects, it’s not difficult to see why solar power in Ghana is seen as a key emerging industry.

A report by the Global Business Coalition on Climate Change (GBCC) revealed that the Ghanaian market is set to grow by 23% year from 2020 to 2025, reaching US$10.9 billion, and this represents a significant opportunity for both domestic and international investors.

Also supporting the growth of the solar power sector in Ghana is the fact that Africa’s largest economy, South Africa, implemented a policy to procure 100% of its electricity from renewable sources by 2034. This drove the country’s solar power market from insignificance to success in a matter of years, and it provides an inspirational example for Ghana’s own efforts to wean itself off fossil fuels and towards clean(er) energy.

The Rise In Renewable Energy Investment

The opportunity to invest in renewable energy is increasingly attractive given the sector’s healthy growth prospects and its perceived ‘security’ of supply. For example, between 2020 and 2025, investment in renewable energy capacity globally is anticipated to boost growth by 24%, reaching $32.9 billion, according to the Global Market Insights Report by Zion Market Research.

The Growth of Microgeneration

Small-scale renewable energy, such as solar power, is a particularly viable option for regions of the world where electricity supply is restricted, such as rural areas and emerging economies. In these circumstances, small generators provide a viable solution, offering reliable, eco-friendly power that is cheaper than traditional, non-renewable sources. A report by the United Nations’ Intergovernmental Scientific Committee on Global Warming (IPCC) found that the cost of solar power has decreased by 80% in the last decade, offering homeowners and businesses in developing economies a cheaper, greener way to power their homes and places of business. This trend is set to continue, giving further impetus to the growth of the microgeneration sector.

The Growth Of Homeownership

According to the United Nations, around 200 million people in developed countries currently don’t have access to electricity, while 300 million more have partial access. The lack of reliable electricity supply greatly restricts economic and social activities, particularly in rural and remote areas. The global market for off-grid electricity generation solutions, such as solar-powered lighting, is likely to grow by 24% year from 2020 to 2025, according to the GBCC report. This is set to open up exciting new opportunities for entrepreneurs to design and produce bespoke, reliable power solutions for home and office use.

Why Install Solar Power Systems In Your Home?

In most parts of the world, including Australia, the Middle East and North Africa, the cost of installing solar power systems in your home is more than covered by financial incentives offered by utility companies. The main reason for installing a solar-powered system in your home is to reduce your reliance on expensive electricity purchased from commercial providers. This can significantly reduce your carbon footprint, as well as that of your family and friends. Electricity generated by solar power is typically more stable than electricity purchased from traditional energy suppliers, and it can be tailored to meet your needs.

So, if you’re looking for an easy, eco-friendly way to power your home and want to be certain of your electricity supply, solar is undoubtedly the way to go. In the coming years, we’re likely to see an expansion of the solar thermal sector, with companies, such as, developing innovative ways to integrate solar power into your home.

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