Asia’s solar energy industry is undergoing formidable growth. Advances in technology and changes in government policies and regulations have driven the industry’s expansion. It’s also been fuelled by lower equipment costs that have increased the potential for savings, making its adoption an economic imperative, not just an environmental issue.
Harnessed through photovoltaic cells, solar power is seen as the predominant renewable energy source in Asia’s future. China and India are expected to experience the fastest PV capacity growth across the globe in the next five years, with Southeast Asia and emerging markets hot on their heels.
Like many countries in Southeast Asia, the abundant sunlight in Singapore, coupled with lower equipment costs, makes solar power a viable, alternative source of electricity for many businesses. The SEAS White Paper showed that solar power is now at grid parity, so it is competitive with traditional sources of energy.
The benefits of using this clean energy are immense and the outlook for the industry is very positive. Especially with options emerging for businesses that cannot afford the upfront costs. Solar leasing allows them to use solar power without having to buy, maintain or install the PV panels. Customers only pay for the solar energy that they use.
The affordability of solar leasing makes it an attractive option not just for office blocks and factories but warehouses, schools and residential buildings. It provides a powerful example of the ways in which the industry is developing innovative solutions to ensure solar power can be used more widely as a renewable energy source.