Challenges of Renewable Energy Sources (RES) in Developing Countries and the Way Forward

The high initial acquisition cost when compared to utilizing the conventional sources from power utility companies has resulted to a serious setback in the use of Renewable Energy Sources (RES) as an alternative to power generation in developing countries. Cost of acquiring renewable energy system increases as the power system capacities increases whether mini, micro and macro. It should be worthy of note that acquiring and installing RES for power generation is beyond the reach of an average individual in terms of his/her income. One –fourth of the world population resulting to well over 1.6 billion people live without access to electricity. Three hundred and thirty three (333) million Africans live below poverty line of one dollar per day and in every minute that passes by, there is every likelihood that three Africans are likely to fall within this poverty bracket. Moreso, cost of acquiring the least rated capacity of renewable energy is far above the minimum wage as earned in most developing nations.