Banks, Telcos increasingly turn to solar power to cut energy costs — Study
The adoption of solar power is steadily increasing in Ghana’s finance and telecommunications sectors, a new study by the Brew-Hammond Energy Centre at the Kwame Nkrumah University of Science and Technology (KNUST) has revealed.
Although the growth remains uneven, the research shows a consistent rise in solar energy use among the companies sampled within the two subsectors.
According to the study, the shift towards solar power is being driven by efforts by companies to reduce electricity costs, comply with emerging regulatory requirements and demonstrate their commitment to environmentally sustainable practices.
Study background
The Brew-Hammond Energy Centre is a multidisciplinary research hub within the College of Engineering at KNUST, focusing on sustainable energy systems, renewable technologies and policy development in Ghana.
The study, conducted jointly by researchers from the centre and the University College London, examined the uptake of solar photovoltaic (PV) systems within Ghana’s finance and telecommunications sectors.
It was supported by the Climate Compatible Growth Programme, funded by the United Kingdom’s Foreign, Commonwealth and Development Office. The research was led by David Ato Quansah as Principal Investigator, with Emmanuel Kofi Gavu serving as co-lead.
The research sought to understand the barriers and enabling factors influencing distributed solar PV adoption, analyse the decision-making processes shaping adoption and provide evidence-based recommendations for policy and industry practice.
Among its recommendations, the study called for the standardisation of equipment and certification of technical personnel to strengthen market confidence and accelerate adoption.
It also urged the government, through relevant ministries and agencies, to support banks in accessing global climate financing.
The researchers further recommended that the Ministry of Energy and Green Transition should fast-track and expand the implementation of net-metering policies to support renewable energy deployment.
In addition, the report highlighted the opportunity to leverage the extensive nationwide infrastructure of telecommunications companies to pilot other renewable energy technologies, including wind power and biofuel-based electricity generation.
Cost savings driving adoption
Commenting on the findings, Professor Quansah said many financial institutions and telecommunications companies were already experiencing significant cost savings after integrating solar technology into their operations.
"There is a strong incentive for banks and telcos to deploy solar PV at their facilities," he said.
Comparing the two sectors, he noted that companies across the commercial landscape were increasingly focusing on energy cost reduction while strengthening their sustainability credentials.
"There is a general trend and momentum building driven by a desire to cut energy costs and reduce carbon footprints," he added.
Professor Quansah also observed that some financial institutions were beginning to build green financing portfolios to support investments in solar energy and other sustainable technologies.
However, he noted that banks still faced challenges related to market uptake, emphasising the need for a credible pipeline of bankable renewable energy projects.
As sustainability continues to gain prominence across industries, he called for stronger collaboration among banks, telecommunications companies and regulatory institutions to accelerate Ghana’s transition to cleaner energy.
