NEWS & EVENTS
Today marks the 15th year of incorporation of SolarGy Pte Ltd. It has been a long and patient journey as we solarise the nation’s rooftops, 'one panel at a time’, cumulating to almost 200,000 panels to date. We started the business when total system cost was $10/Wp and module efficiency of mainstream crystalline panels was only a modest 12 to 13%, while Sanyo HIT was at 16% - the world’s highest at that time.
Long payback periods of 15 to 20 years were the norm. Fast forward to today, with solar module prices reducing by 10-fold, along with the sharp increase in grid electricity prices, the payback period for solar power systems has dropped attractively to just 3 to 4 years.
Of late, the push factor for some solar adopters seems to be the motivation to cut electricity costs rather than sustainability. This is understandable as industries that used to be buying electricity from Retailers at sub-20 c/kWh are now bearing 3 to 4 times more in their monthly electricity cost when their Retailers exit the business or when their contract is due for renewal. Decarbonization and the race towards net zero is an even bigger push factor for big corporates to switch to renewables.
As the solar industry ramp up steeply to serve enthusiastic customers in their attempt to hedge on high grid electricity cost and reduce carbon emissions, it is important to ensure that the PV systems are installed by experienced and professional system integrators (or EPC) so that they can survive through the 3 year payback period and continue for the entirety of their 25 years lifespan, reaping unprecedented returns on investments.
We at SolarGy are well placed to serve the growing solar EPC business as we continue to leverage our wealth of experience, established quality controls and project management processes. We passionately believe that every PV system deserves attention to detail from inception to completion and on that note, we have taken months to put together a corporate video to show our past, present and future customers, the legacy that SolarGy has built.
After focusing on solar PV systems for 14 years, we have recently made our foray into Energy Storage Systems. What better system to pivot to other than the elegant looking Tesla Powerpack.
More updates to come.
Solargy managing director Albert Lim(left) guides a homeowner on the solar panel installation process. Solargy is a partner of UOB’s U-solar programme. Photo: UOB
UOB said its solar financing programme U-Solar has facilitated the generation of close to 160 gigawatt hours of solar power across Asean since its launch in October 2019.
This has helped to reduce more than 77,200 tonnes tCO2e (Tonne CO2-equivalent), a standard unit for measuring greenhouse gas (GHG) emissions, said the bank.
In a press statement on Monday, the bank estimated that the programme's GHG emission reduction is equivalent to having close to 1.3 million new tree seedlings grow over 10 years or taking close to 17,000 cars off the road for a year.
"Through initiatives such as U-Solar, Asia's first solar industry ecosystem, we provide a platform that helps drive the development of the solar power industry and promotes the use of renewable energy," said UOB head of group wholesale banking and markets Frederick Chin.
"Together with our partners and customers, we will accelerate the region's progress to a lower-carbon economy and forge a sustainable future for a better Asean," he added.
The regional U-Solar programme connects Asian businesses and individuals with the lender's solar company partners to help clients go green by switching to solar power. It is available in Singapore, Malaysia, Indonesia and Thailand, and is part of the UOB Smart City Sustainable Finance Framework.
Through the programme, UOB offers businesses and consumers financial solutions to encourage the development and adoption of solar power. This includes providing cash management and green financing to solar project developers, as well as end-to-end contract-based financing solutions to engineering, procurement, construction and commissioning contractors.
The bank has a total of 14 U-Solar partners across the region, including PT Selaras Daya Utama in Indonesia, Pekat Solar Sdn Bhd in Malaysia, and BECIS-Symbior in Thailand.
View the source article here: http://www.businesstimes.com.sg/banking-finance/uob-says-u-solar-programme-saved-over-77200-tonnes-of-greenhouse-gas-emissions