Singapore's Solar Surge: Volatile Prices Fuel Demand
- Discover how Singapore is overcoming its volatile electricity prices and lack of space for traditional renewables by embracing solar energy. Learn how residential rooftop solar installers are responding to rising energy bills and climate impact, and how solar now contributes to Singapore's energy mix.
Singapore's volatile electricity prices and lack of space for traditional renewable sources such as wind and hydropower are pushing the city-state to finally embrace solar energy. Residential rooftop solar installers have seen a surge in demand in recent months with households motivated by rising energy bills and climate impact. The share of solar in Singapore's energy mix is rising, with 90% of government housing developments eventually scheduled to have panels added. Utility-scale solar and systems added to commercial premises account for the majority of capacity additions, while sales of residential solar panels tripled in May from January 2021. Every step taken to produce energy domestically increases power sector resilience to global commodity price fluctuations.
Singapore's Solar Surge: Volatile Prices Impacting Demand?
Additional information about Singapore's Solar Surge:
- Singapore has committed to achieving net-zero carbon emissions by 2050
- Solar energy is becoming an increasingly attractive option for residential and commercial customers due to its low cost of installation and potential for long-term savings
- Solar energy is expected to account for 3% of Singapore's power mix by 2030, up from 0.12% in 2016
- Utility-scale solar and systems added to commercial premises account for the majority of capacity additions in Singapore in 2021
- Residential solar panel sales have tripled from January to May this year, driven by rising electricity costs and the desire to reduce carbon emissions
- Solar energy is being seen as a key source of domestic renewable energy in Singapore due to the lack of space for alternatives such as wind and hydropower