Abstract Increasing cost of generating energy through conventional sources coupled with environmental pollution concerns has led to the need to find more sustainable, clean and cheaper sources of energy generation. This paper evaluates two forms of energy: nuclear and solar energy for developing countries with a case study on Ghana. The research found out that Ghana like other several other developing countries have the opportunity to reduce their cost of electricity significantly should any of the under studied technologies be deployed. Obtained LCOE for the 20 MW modelled Solar power plant (SPP) in Navrongo ranges between 5.74 and 9.41 ¢/kWh for real discount and annual interest rates ranging between 1 and 25%. LCOEs of 125.53–125.55 $/MWh for discount rates between 3% and 15%, respectively were obtained for the 1200 MW nuclear power plant (NPP) expected to be constructed in Ghana. The research concluded with a suggestion that since the NPP project is capital intensive, development of SPP should be given the needed attention in the short to medium term to help build a resilient economy upon which NPP can be considered in the long term. Some financing models were also suggested for the construction of such capital-intensive projects.