Solar energy has gain significant traction globally. More and more people have made the change to solar in recent years. Solar is a clean and green energy option that is great for our environment. With the price of solar reducing year on year, it has also become an excellent utility cost-saving alternative. Here’s a look at some of the top benefits of solar!
Combat Climate Change
Climate change is a critical issue and continues to threaten us every day. The ever-increasing carbon dioxide and greenhouse gases emitted by the burning of fossil fuels devastate our environment. Solar energy helps to significantly reduce the emission of harmful greenhouse released into our atmosphere. As a renewable energy source, it doesn’t contribute to the depletion of the earth’s natural resource. At the same time, solar energy also emits 0 harmful gases into our atmosphere as it relies purely on converting energy from the Sun. This helps in our global efforts to reduce our carbon footprint. A truly clean and green source of energy, this is one of the most important benefits of solar!
Reduced Electricity Bills
Who doesn’t love saving money every month? Solar reduces your electricity bills will certainly lighten the load on your wallet every month. By using a solar PV system, you can generate electricity directly from your property. This can often reduce your electricity bills by about 50% or even eliminate your electricity bills completely!
Although a one-time investment has to be made, the long-term solar financial benefits are amazing. With a solar PV system having an average lifespan of 25-35 years, think about how many months of bills you’ll save! Even a small system of around 5kW can save you hundreds or even thousands in electricity expenditure annually. Check out our guide to cost savings with solar to find out about how you can enjoy the financial benefits of solar in Singapore.
Solar Prices: Lower than ever
The price of a solar PV system in Singapore has steadily decreased over the years. It’s estimated that a solar PV system is now 80% cheaper than in 2007. As the solar industry continues to grow, the cost of solar is expected to continue to decline by 4% every year. Unlike solar, the price of electricity generated by traditional fuels is often difficult to predict. Most recently, they’ve reached their highest rates in the past 5 years in the first quarter of 2020.
Unfortunately, there are still no subsidies available for solar in Singapore today. However, action taken by the government to support research and development efforts into new energy-efficient technologies and alternative renewable energy sources is very encouraging. The Green Plan 2030 is also another step in the right direction when it comes to sustainable living in Singapore.
Affordable Maintenance Costs
Worried about high maintenance fees for your solar PV system? Fret not! All solar installers in Singapore are required to provide a warranty of at least 12 months for solar systems. Within the warranty period, you’ll receive free servicing and maintenance for your solar PV system. Many local installers also provide extended warranties or annual maintenance services. Some even offer 25-year performance and workmanship warranties on solar panels.
However, even after your warranty period, the costs will not burn a hole in your pocket! The operating cost of a solar PV system is close to zero. What’s more, annual maintenance fees are only around 0.5 – 1% of initial installation costs. That being said, the most common form of maintenance required is cleaning the solar panels, and in tropical Singapore, placing panels at a tilted angle often allows the panels to clean themselves when it rains!
This article was first published on 16 September 2020 and last updated on 4 May 2021 to include additional details.
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