The Sterling Bank Plc has recommended Nigerian businesses to concentrate on the long-term advantages of renewable energy solutions rather than being put off by the considerably large investment prices.

Dele Faseemo, Sterling Bank’s Group Head of Oil & Gas, Power, and Renewable Energy, at a news conference in held Lagos, told corporations that they should concentrate on the protracted benefits of investing in clean and renewable energy sources instead of choosing cheaper carbon fuels.

Although the initial investment may be significant, Faseemo believes that renewable energy solutions are becoming more affordable and will soon be internationally competitive.

“In residential homes, if you want to buy a typical generator, say 15KVA, it will be cheaper than trying to deploy a solar system, but it will pay for itself over time,” he says. Businesses must recognize that it is a long-term investment that will pay off over time.

He further said that It may be difficult at the moment, as changes in the naira currency are sheltering the country from price decreases in renewable energy solutions around the world but renewable energy sources are becoming more competitive around the world, and it is no longer a question of if but when they will take over.

He concluded that legislation was being drafted in Europe and North America to restrict banking firms from financing fossil fuel infrastructure development.