The implementation of renewable energy strategies has been on the rise due to recent global initiatives on sustainable development. In this work, meteorological data obtained from geographically separated stations in Nigeria is utilized to assess the economic benefits of off‐grid renewable energy projects specifically WT/battery, PV/battery, and PV/WT/battery systems for upcoming projects in six different sites, with anticipated start dates in 2023, 2026, and 2029. By utilizing future forecasts of capital costs, this analysis aims to facilitate the decision‐making process regarding the optimal timing and placement of these installations. The WT/battery systems have a levelised cost of electricity (LCOE) that is 20–35 times more in comparison to both PV/WT/battery and PV/battery systems. In 2023, the LCOE for photovoltaic (PV)/battery systems varies from $0.16/kWh in Yola to $0.169/kWh in Port Harcourt. On the other hand, PV/WT/battery systems have the lowest LCOE, ranging from $0.261/kWh in Jos to $0.319/kWh in Port Harcourt. The analysis additionally demonstrated that in the event of project delays, PV/battery systems are projected to exhibit the lowest LCOE across all locations by 2029. This is attributed to the anticipated accelerated reduction in PV and battery expenses compared to the decline in costs associated with WTs. In the specified year, Yola exhibited the most favorable LCOE at $0.0748 per kilowatt‐hour, while Port Harcourt recorded the highest LCOE at $0.113 per kilowatt‐hour. It has been discovered that solar energy exhibits more cost‐effectiveness compared to wind energy, mostly attributable to its superior ability to match generation with load on an hourly and monthly basis, particularly in the presence of heavy loads. This study provides a comprehensive geographical overview that will assist policymakers in the strategic selection of cities in Nigeria for the deployment of off‐grid renewable energy (RE) systems.
