ECONOMIC VIABILITY

This study evaluates the economic viability of solar farms as a sustainable energy solution for residential communities in Nigeria. The research aims to determine whether solar farms can provide a cost-effective alternative to the national grid by analyzing key economic factors, including initial investment, operational costs, and long-term financial benefits. The study also explores the environmental impact of solar farms, highlighting their potential to reduce carbon emissions and enhance energy security for households. By assessing various ownership models and financial incentives, the research provides insights into the feasibility of large-scale solar
adoption in residential areas.The methodology involves a detailed load analysis for a 100-household community, calculating daily energy consumption and peak load demand. The study designs a solar farm using 806 monocrystalline solar panels, a 400 kVA inverter, and necessary protection devices. Cost estimation covers component procurement, labor, land acquisition, and annual maintenance. Financial modeling incorporates revenue generation from surplus energy sales to the grid and cost comparisons with traditional electricity tariffs. A sensitivity analysis evaluates the impact
of rising grid electricity prices on the long-term economic benefits of solar farms.