Economic Analysis Of Renewable Energy Based Power Supply For Utilization In A University

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Abstract

This study explored the economic analysis of renewable energy base power supply for utilization in Ambrose Alli University, Ekpoma, Edo State, Nigeria. The objectives of this study are to: examine the sustainable energy options functional in the area where Ambrose Alli University is located examine the benefits of using sustainable energy sources and implementing sustainable energy plants like Solar and Biomass in a division of a university. Lastly, a comparative analysis of the economic costs of implementing a solar power and biomass power terminal in Ambrose Alli University, Ekpoma was performed. This study adopted the descriptive survey research design A price inventory was developed to collect data on the money and operating cost of various facilities needed to implement both renewable energy based power supply (solar and biogas). Data on the money cost of various facilities needed to assemble renewable solar and biogas plants were collected from eight (8) leading energy companies and sustainable energy facility dealers in Edo State. The economic costs analyses covered three types of economic cost namely: opportunity cost, accounting (money) cost and institutional cost. The result showed that the benefits of sustainable energy sources are: environmental friendliness, land pollution reduction and cost saving respectively. The two least areas of benefits include: reduction of poverty by raising the worklife standard of the people, low income of people to commit intial investment cost. The three topmost rated constraints of sustainable energy sources include: high initial investment cost, high maintenance cost over a long term and low technical know-how to service. Based on findings, it was concluded that the installation/human cost and also miscelleanous of solar is less than that of biomass. Comparatively, solar is less expensive to install to meet the energy demand of the university division. It was recommended that the government should partner with sustainable energy providing companies towards increasing access to sustainable energy usage in universities.

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