The Problem with Solar
Chun Hong, a landed homeowner, is a keen environmentalist and has always wanted to install solar panels. His family responded, “Look around. How many people have solar? Why do you want to take the risk?” With the limited prevalence of residential rooftop solar in Singapore, switching to solar simply felt too risky.
Traditionally, the only way to get a home solar panel system in Singapore would be as an upfront purchase, which can cost anywhere between $10,000 to $50,000. Chun Hong and his family’s uncertainty was heightened by this high cost of solar ownership, not knowing if it would really pay off in the long run.
Solar AI’s Rent To Own Solar Program
Solar AI Technologies, an award-winning Singaporean tech-startup funded by global energy giant Engie Group, has launched Singapore’s first ever Rent-To-Own (RTO) solar program. Primarily catered to landed homeowners in Singapore, the RTO solar program provides the option to receive a solar panel system on their roof with zero-upfront cost, complimentary maintenance and servicing fully provided.
One RTO customer says:
“The cost of the installation of solar and whether the amount of electrical power generated makes it worthwhile to install held me back from installing solar initially. After making a detailed comparison with other options, the RTO model makes for a compelling case NPV as well as cash flow wise.”
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 20-50% lower than their original electricity bills, allowing them to enjoy instant savings, as well as effectively safeguarding them against rising energy prices.
Another RTO customer remarks:
“Solar PV has only gained mass usage in recent years so it is considered a rather new tech. I am not sure how effective the solar PV will be and purchasing it in full upfront seems rather risky. The RTO model allowed me to hedge this risk.”
Another perk of the RTO is that it provides homeowners with a risk-free way of getting solar on their roofs, easing them into solar ownership at the end of the 5 or 10 year contract period. With guaranteed minimum energy production and complimentary servicing and maintenance for their solar panel system, customers can have full peace of mind.
Regarding why he opted for RTO, David, one of Solar AI’s first signed RTO customers, says:
“I’ve been wanting to install solar panels for a while but had to be sure it was structurally viable for my house and quality of work was going to sound. I eventually chose to get solar through the RTO model as it gave me the certainty of maintenance, plus the attendant quality and costs of such maintenance.”
Psst… stay tuned for a more detailed interview with David coming up soon.
Get started with solar now!
Getting started for the RTO program is extremely simple. Customers can first generate an instant estimate of their rooftop solar panels and potential electricity savings via Solar AI’s free online solar assessment tool, which only requires one’s address and electricity bill information. Then, they can submit a few additional documents online to allow Solar AI to generate precise quotes for their solar installation. Advisors will then help them to compare between RTO and upfront purchase offers. Solar panel installations take a week on average, and customers can start enjoying savings with solar-powered electricity.
Check out this page to learn more about the RTO program.
What’s next for Solar AI?
Currently, less than 3% of landed homeowners in Singapore have installed solar. The RTO program has the potential to be a major lever driving higher solar adoption rates. Within 2 months of its pilot launch, nearly 20 customers had chosen to sign on to Solar AI’s program.
Aside from the RTO residential program, Solar AI Technologies is also providing Small & Medium Enterprises and industrial property owners the option of zero upfront cost solar. While there are options to purchase solar on a monthly basis via Power Purchase Agreements (PPA) by traditional solar companies, these are only available to large companies with at least 2,500 square metres of available roof space. Solar AI is the first to make zero upfront cost solar accessible to both residential and small commercial owners.