It’s 2023, and the cost of installing solar panels in Singapore is cheaper than ever. Yet, by no means is it not a considerable investment to ponder over still. Besides the cost, there are many factors to consider before making the decision to switch to solar power, like location, climate, and so on. On the other hand, we believe that there’s no better time than now, to make the commitment to rely more heavily on solar energy to power your home. In this article, we’ll explore the different reasons that could give you the push you need to switch to solar panels.
Decreasing Solar Panel Costs
Residential solar panels are few and far between mainly due to the historically astronomical cost required to get them installed. However, the good news is that thanks to advancements in solar and manufacturing technologies, the cost of installing solar panels in Singapore has decreased exponentially over the years. Today, it costs about 90% less to purchase and install solar panels than in 1989, or 70% less than in 2010 for a more recent comparison. These technological advancements have also helped solar arrays to be incredibly low maintenance, allowing you to sit back and let your panels do their jobs once they’ve been installed.
Long-term Savings and Financial Incentives
Singapore has long championed for sustainable living and increasing the nation’s reliance on renewable energy. To encourage businesses and homes to switch to solar panels in Singapore, several financial incentives have been rolled out over time. For instance, metering credit schemes allow solar panel system owners to sell excess energy generated by said system. Depending on whether you’re a contestable or non-contestable consumer, you’ll be eligible for different sub-schemes — Simplified Credit Treatment Scheme for non-contestable users, or Enhanced Central Intermediary Scheme for constable users — that credit financial incentives through various avenues.
Another financial incentive that owners of solar panels in Singapore can enjoy is the sale of Renewable Energy Certificates (RECs). These are tradable assets that represent green electricity generated by solar panels and other sources of renewable energy. RECs allow solar energy generators in Singapore to monetise solar panel systems. They also benefit corporations that don’t own solar panel systems to offset carbon emissions and get access to green energy sources. Companies do so by purchasing RECs. For a better insight into the various schemes available, we recommend consulting a solar panel specialist.
Fluctuating Electricity Prices
Singapore operates on an open electricity market, which is highly susceptible to market forces. This is even more apparent in recent years, owing to the unpredictable nature of our world in recent years. Solar panels in Singapore can help protect homes and businesses from fluctuations in energy prices, and this is further supported by recent sustainability projects, like the floating solar farm at Tengah Reservoir, and an upcoming project to draw electricity from Australia’s Northern Territory via submarine cable. This allows the grid to better supplement homes and businesses with sufficient energy, as solar panels are an intermittent source of energy that can be affected by weather conditions.
Pressing Need to Reduce Carbon Emissions
The effects of global warming can be strongly felt throughout the world today, and there’s an urgent need to reduce carbon emissions before our planet reaches a point of no return. A typical array of residential solar panels can help reduce carbon emissions by as much as 1.6 tonnes of carbon dioxide per year. Individually, our contributions may seem minute, but as communities, cities, and even countries come together, these little contributions do add up to help our planet remain habitable for future generations to come.
Get started with your green journey today and consult a solar panel specialist to find the best systems and schemes for your home or business. For more information about our products and services, please visit our website.