The cost of a PV system depends on the system size, choice of equipment (panels and inverters), permitting costs, and labour costs. Other cost defining factors also include the condition of the building, accessibility, method of installation and more.
Depending on individual’s power usage, you can expect rates of return of up to 15% on your PV installation. There currently several options available in financing your solar energy system.
Types of financing
This is the straightforward option that many customers go for. You have the ownership of the solar energy system and you reap all the direct benefits it brings over the entire time. Owning your own solar energy system builds personal wealth through energy savings and home equity gains. Why make someone else richer when you can enrich yourself?
Solar leasing and Power Purchase Agreement (PPA)
By leasing a solar system, you can still enjoy some of the benefits without capital costs. Solar customers opting for solar leases simply rent the solar system over a period of time.
A Power Purchase Agreement (PPA) between the leasing company and you will be signed which allows you to buy power at a discounted rate. Benefits with zero upfront cost.
Third party financing
Although an established method of financing in the economy, third-party financing in the solar industry is less than a decade old, but it is quickly becoming one of the most popular methods for consumers to realize the benefits of solar energy.
In Singapore, the Building and Construction Authority (BCA) has also been supportive with the Building Retrofit Energy Efficiency Financing (BREEF) Scheme to facilitate building owners in obtaining financing for energy efficient retrofits. More info here
Request a call back
If you would like to obtain more information on solar financing or let us give you a sizing and costs to upgrade your building to become electrically self sufficient, feel free to contact us.