Abstract

This paper examines studies to evaluate the economic viability of off-grid photovoltaic PV renewable energy technologies for rural applications in Lafiagi Kwara State Nigeria to meet the government set target It utilizes the lifecycle cost to estimate a 25 years life-time of an off-grid electrification project and compare with the cost of paying for grid-electrification within the same period The result shows that such a project is economically viable The project yield a strong positive pre-tax IRR on equity and a positive pre-tax IRR on assets A simple payback can only be guaranteed in the project life span Meanwhile an equity payback can be completed within 12 years of the project life cycle