GetSolar FAQs – Rent-to-Own Program
Frequently Asked Questions
Renewable Energy Certificates (RECs)
When you sell RECs in Singapore, you unlock an extra stream of annual income. This extra cash can potentially shorten the time it takes to recoup your solar investment by approximately 3 – 6 months, bringing your breakeven point even closer.
The value of RECs is typically subject to market fluctuations based on supply and demand. As of mid-2023, small or medium asset owners can expect to receive between SGD $20 to $35 for each REC sold. This means that the average solar homeowner can earn anywhere between SGD $200 to $600 every year.
Absolutely not! RECs are simply digital certificates that are issued to certify that clean energy is generated from a specific solar asset. Selling RECs makes no difference to your solar panel system as well as the way you consume your electricity.
Our RECs are issued with the strict standardised renewable instruments under authorised international REC registries APX or I-REC Standard. Here are the steps for selling RECs with us:
Step 1: Contact us or drop us an email at recs@getsolar.ai.
Step 2: Submit your solar system details and registration documents.
Step 3: Provide us with your authorisation to manage and sell the RECs for you.
Step 4: We help you register and verify your assets on the international registries.
Step 5: Twice a year, we help you register your clean energy generated as RECs and search for buyers to sell them on your behalf.
Step 6: Receive regular cash payouts directly to your bank account once your RECs are sold.
Payouts & Bonuses
Your pay-outs will be done via bank transfer and will usually take 3 to 5 business days to complete. This is done twice yearly and you will receive an email notification with a payment notice before the bank transfer takes place.
RECs are still a relatively new asset class, and are purchased by MNCs or large corporations to achieve their net zero targets. Prices of RECs in the market are determined by these factors:
- Number of buyers
- Volume of RECs they would like to purchase
- Supply of RECs from renewable energy sources available.
As of mid-2023, selling 1 REC in Singapore for small or medium asset owners will fetch between SGD $20 to $35.
