Market experts believe solar panel prices are at their current lowest and expect the increasing competition between manufacturers to play a bigger role in lowering prices further. Aside from the technology and changing raw materials (such as perovskite) to lower solar panel acquisition costs, finance has a big role in improving sustainable solar energy access worldwide.
For most Golden, CO homeowners, solar panel prices are worth a few months of savings. Financing is unnecessary for the materials and installation service. Other parts of the world do not have this luxury; they require excellent financing methods to own sustainable, independent energy generation.
Most consider their investments as worthy of personal loans. For example, a six-month salary loan in developing markets and developed ones with low to zero access to solar panel materials work well for imported and proven solar panel systems. However, the high interest rate can put them in deep debt for a technology meant to save energy and provide savings.
The financial industry's role to drive down solar prices is to introduce new products that make solar technology costs easier to mitigate between manufacturers and buyers. Fortunately, we're seeing a semblance of this role today in Singapore. Technode Global has a great post on the rent-to-own solar panels in the country.
Solar AI Technologies, a Singapore based tech-startup funded by global energy giant Engie Group, has recently announced that it will be launching Singapore’s first ever Rent-To-Own (RTO) solar program.
Primarily catered to landed homeowners in Singapore, the RTO solar program will provide customers the option to receive a solar panel system on their roof with zero-upfront cost, with complimentary service and maintenance, Solar AI Technologies said in a statement.
Traditionally, the only method to acquire a home solar panel system in Singapore would be as an upfront purchase, which can cost anywhere between SGD$10,000 ($6983) to SGD$50,000 ($34,917).
The hefty upfront cost of purchasing a solar panel system, coupled with the lack of trust in solar as an alternative energy source, has gated further adoption of rooftop solar amongst property owners.
Solar AI Technologies launched the RTO model to provide homeowners the option to purchase solar at zero upfront costs. This provides property owners with a risk-free way of getting solar on their roofs, easing them into solar ownership with a token sum transfer at the end of the five or ten year contract period.
Under RTO, property owners would only need to foot a much more affordable monthly fee for solar. This flat monthly fee is expected to be 20 percent to 50 percent lower than their original electricity bills, allowing them to enjoy instant total electricity bill savings, as well as effectively safeguarding them against rising energy prices.
On top of the option to get solar at zero upfront cost, the RTO program guarantees a minimum energy production and provides complimentary service and maintenance for their solar panel system, giving each and every customer full peace of mind.
Currently, less than 3 percent of landed homeowners in Singapore have installed solar. The RTO program has the potential to be a major lever driving higher solar adoption rates.
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