Do you know any of the commercial solar benefits? With higher GST, carbon tax, and unstable energy markets, evident from the Global Energy Crisis in 2021, finding cheaper and greener energy is crucial.
With electricity costs in Singapore rising fast to a whopping 31.72cents/kWh, many businesses are turning to greener, cleaner & cheaper sources of energy to power their businesses. This makes commercial solar power a more attractive option.
We all know how there are a lot of commercial solar benefits—it cuts utility bills and boosts a company’s green image. By understanding these advantages, businesses in Singapore can make smart choices to help both their finances and the environment.
With electricity prices rising in Singapore, businesses need to find cheaper energy sources. Solar energy is a great option for cutting down electricity bills. Although setting up a commercial solar panel system has a lot of upfront cost, costs a lot, from $100,000 to $500,000, the long-term savings are often worth it.
Emerging financing options like power purchase agreement (PPA) and rent-to-won (RTO) make it easier to pay for solar.
Solar panels need little upkeep and last over 25 years. They can cut electricity bills by 75% to 100%. This means more money saved and better finances for businesses.
The average payback period of commercial solar panel systems is about 6-10 years, which means that businesses can get their money back from solar within this period of time. For example, spending $250,000 on solar could save you a net $4,000 a month, as you are able to sell your excess energy through Singapore’s net export schemes. That’s $48,000 a year, and over 20 years, it’s a net gain of $810,000.
Choosing solar energy is smart for both your wallet and the planet. Commercial solar benefits of long-term savings are a step towards a greener future for businesses in Singapore.
Using solar power boosts your business’s energy independence and utility. If your business runs on its own solar systems, you would not need to draw electricity from the grid during the day. This could protect your business from fluctuations in electricity price, which is exceptionally beneficial for commercial systems compared to residential systems.
This is because commercial buildings primarily run during the day, compared to residential systems where energy consumption most often peaks during the morning & at night. This allows your business to fully utilize the energy generated from your solar panel systems, taking advantage of commercial solar benefits like significantly lower electricity costs while keeping green.
Business using solar energy is no doubt good for the planet. An average 100kWp commercial solar panel system in Singapore can help to abate up to 54,000 kilograms of carbon dioxide, which is equivalent to close to 2,500 trees per year.
On top of the environmental benefits, there is also an increasing amount of support by the government when it comes to adopting green solutions. This includes the Green Mark Incentive Scheme for Existing Buildings (2.0). The GMIS 2.0 provides up to 1,200,000 SGD worth of funding support, which is based on your Green Mark certification rating and the extent of carbon emissions reduction.
Choosing solar power for your business in Singapore is smart and boosts your image. Today, being seen as sustainable is key. It draws in customers who care about the planet.
In fact, companies using solar panels win over green-minded shoppers. A global study shows 44% of people prefer buying from eco-friendly brands. Beyond improving the ESG of businesses, which is increasingly demanded by investors, consumers, and regulatory bodies like MAS, it is also crucial for assessing a company’s long-term resilience and risk management strategies.
Solar power for businesses has many benefits—it builds trust and attracts eco-aware customers and partners, making your company look forward-thinking and responsible. In fact, according to EMA, a 2021 survey indicated that over 80% of Singaporeans support the expansion of solar energy as part of the national energy mix.
Adopting solar energy for business in Singapore has many benefits. It cuts down on electricity costs and boosts energy independence. This makes solar power a smart choice for businesses.
Using solar energy also shows your business cares about the planet. It makes your brand more appealing to people who value the environment. This can help attract customers and partners who share your values.
Switching to solar energy also fits with global trends towards renewable energy. It makes your business more efficient and reliable in the long run. Choosing solar energy is a forward-thinking move for any business looking to stay ahead in Singapore’s market.
As of 2023, the total installed solar capacity in Singapore exceeded 1.5 GW, with approximately 70% of Singapore’s solar capacity comes from commercial and industrial sectors.
Want to be part of this positive change? Empower your business with FOMO Energy’s bespoke solar solutions, and take the first step towards clean, renewable & affordable energy!
