Mr. Phuah S said the system cost$ 33,800 ( US$ 26, 000 ), but that he is likely to make money in the next five years and may even find some gain when excess electricity is sold to the grid.
Because electrical consumption and demand are so high in Singapore, he added,” It will be very useful for us to lead back to the network with the power that we generate through our solar panels technique.”
COST OF SOLAR Panel
A competitive marketplace, coupled with falling costs of solar panels, mean people are nowadays spoilt for choice.
Over the past two decades, costs for such sections have dropped by about 60 per cent, primarily due to excessive source and increased productivity.
In 2020, solar panel wholesale prices were at about US$ 0.22 per peak watt ( Wp ). They went up to US$ 0.30/Wp in 2022 due to the energy crisis and fabric lack.
Now, they have dropped to around US$ 0.10 to US$ 0.12/Wp, said industry participants.
Researchers claimed that solar panels prices have stabilized and are unlikely to stabilize further, but that they will continue to increase.
Companies said solar power devices can last for more than 25 years, and is offset at least 30 per cent of a household’s energy costs, depending on the number of sections installed and the energy use.
The Energy Market Authority ( EMA ) said that based on estimates, using solar energy at home ranges from S$ 0.11/k Wh to S$ 0.15/k Wh. In comparison, the cost of electricity sold by SP Group is currently about$ 0.30/k Wh.