Solar prices have dipped dramatically over the last decade but installing these energy-saving panels is not necessarily cheap nor straightforward. Julie Yoo asks Bolong Chew, founder of the start-up Solar AI, what are the challenges and long-term benefits of going green in The Climate Conversations podcast.
SINGAPORE: When Bolong Chew joined the solar industry, he heard customers say that when they asked their architects about installing solar panels in their homes, they were told it would cost at least S$100,000. That was the cost of installing rooftop solar set-ups five years ago.
The 31-year-old startup founder of Solar AI says costs have gone down significantly and yet adoption is slow-going. From about 2015 globally, the cost of rooftop solar has already fallen below any other kind of fossil fuel energy. But looking around Singapore, you rarely see rooftop solar panels installed.One of the reasons he believes is a lack of awareness and misconception about how the product works.“If you talk about greening the grid for Singapore, solar is probably still the best available option out there.
Breaking even for each homeowner depends on three factors: The number of panels on their roof, their energy consumption patterns and their electricity bill. After comparing monthly utility savings to the total cost of installation for more than 500 homes, Chew estimates that the average homeowner breaks even at about seven years."In Singapore, because we are on the equator, the angle of your solar panels does not change the solar irradiance .
For the full conversation, listen to this episode on what homeowners should know about installing solar panels.
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