SOLAR AI FAQS – Rent-to-Own Program
Frequently Asked Questions
Yes, you can. Our Rent-to-own program charges you a fixed monthly fee which is expected to be lower than your electricity bill savings so you start saving immediately. Try our free solar assessment tool for an instant estimate of your monthly savings with solar now.
3 main factors determine how much money you can save.
- Your household’s energy consumption amount and patterns
- Your current electricity retailer and utility rate
- The number of solar panels that your roof can accommodate
The typical SP Group customer that consumes 1,500kWh of electricity a month mostly during the mornings and evenings, can expect to save $260 each month with a 12kWp system of 30 solar panels.
When you request a free quote, our solar advisors will work with you to simulate your home’s solar potential and determine how much you can expect to save with our rent-to-own program. Reach out to us to find out more.
Yes! You will be able to enjoy rebates by SP Group for the export of excess solar energy generated by your solar system. Homeowners who are with SP Services will be paid at the standard electricity tariff rate minus grid charges (~25% of the cost of electricity) which would be around S$0.23/kWh in Q4 2022, where retail electricity tariff is S$0.2974/kWh. Homeowners contracted with an Open Electricity Market (OEM) retailer will be compensated at the Wholesale Uniform Singapore Energy Price (USEP). USEP rates are determined half-hourly and fluctuate widely but across the first half of 2022 has averaged S$0.3238/kWh.
Our Rent-to-own program is currently in the pilot phase and open to limited customers. You can find out if you qualify by going through our online solar assessment tool or by reaching out to our solar advisors or contact us on Whatsapp! Our advisors will work with you to assess your financial goals, energy usage and roof characteristics to help you find the perfect plan for solar.
Yes, you can do so, and we’re happy that you’re ready to own the solar system! We designed the Rent-to-own model to make it as easy as possible for homeowners to get solar. If you’re ready to own, you can select an early buy-out option and pay down the straight line depreciated value on the system with no prepayment penalty. The service warranties and free maintenance coverage will terminate along with the contract, but product warranties will remain.
While both plans allow you to get solar with little to no initial payment, unlike the Rent-to-own scheme, a bank loan or installment will charge an interest rate or have hidden fees, and does not cover solar system maintenance.
Our Rent-to-own program is designed to provide you with a hassle-free solar experience, allowing you to enjoy cost savings from solar once you turn on your solar system. At zero upfront costs, you pay a monthly rental for your solar system which covers all maintenance fees and warranties.
Solar AI standardises the best-in-class solar panels and inverters used in our systems and consolidates multiple solar panel projects to bring down overall costs. This allows Solar AI to make margins on project costs, while keeping total cost of ownership low for our customers.
Solar Panel System Guarantee
When you are enrolled in our Rent-to-own program, you will enjoy free daily monitoring and maintenance from our team. If something happens to your system and its performance is lower than expected, our team will reach out to you to get it fixed as soon as possible, free of charge.
In the Rent-to-own program, Solar AI guarantees that your system works for the lifetime of your contract with a performance guarantee on the energy production of your solar system. So if your solar system does not work as expected, we will fix it free of charge. On top of that, the system’s solar panels carry a robust 30-year linear performance warranty, so you can continue enjoying free electricity even after the Rent-to-own program is over.
They are yours to keep! The lifetime of solar panels is often longer than 30 years. With a 30-year performance warranty, your solar panels will continue to generate free electricity even after the Rent-to-own contract, so you can continue to enjoy savings from solar.
No problem! If you decide to move, we will assist you in transferring the service to the new homeowner. Our team will work with property agents and potential buyers to assist in the service transfer, so your move happens as smoothly as possible. Alternatively, you may also choose to pay down the remaining value of the solar system and add it onto your property value.