Solar AI Technologies, a Singapore-based tech start-up funded by global energy giant Engie Group, recently announced that it will launch Singapore’s first-ever Rent-To-Own (RTO) solar program.
Primarily aimed at property owners in Singapore, the RTO Solar Program will offer customers the opportunity to receive a solar panel system on their roof at zero upfront cost, with free service and maintenance, Solar AI Technologies said in a statement.
Traditionally, the only method to acquire a home solar panel system in Singapore would be an initial purchase, which can cost between SGD$10,000 ($6,983) and SGD$50,000 ($34,917).
The high initial cost of purchasing a solar panel system, coupled with a lack of confidence in solar power as an alternative energy source, has resulted in the adoption of rooftop solar by owners.
Solar AI Technologies launched the RTO model to provide homeowners with the ability to purchase solar power with no upfront cost. This offers homeowners a risk-free way to install solar power on their roofs, easing them into solar ownership with a token cash transfer at the end of the five- or ten-year contract period.
Under RTO, homeowners would only have to pay a much more affordable monthly fee for solar power. These fixed monthly fees are expected to be 20-50% less than their original electricity bills, allowing them to enjoy instant savings on their total electricity bill, while effectively protecting them against rising prices. Energy.
Along with the option to get solar power at zero upfront cost, the RTO program guarantees minimal energy production and provides free service and maintenance for their solar panel system, giving every customer a total peace of mind.
Currently, less than 3% of property owners in Singapore have installed solar power. The RTO program has the potential to be a major lever driving higher solar adoption rates.
Within two months of its pilot launch, nearly 20 customers chose to enroll in the program.
Solar AI co-founder and CEO Bolong Chew noted that customers are 300% more likely to end up getting solar under the Rent-To-Own program compared to the purchase model. usual live.
In addition to the residential RTO program, Solar AI Technologies also offers small to medium-sized businesses and industrial property owners the option of zero upfront solar power.
While there are options to purchase solar power on a monthly basis through power purchase agreements (PPAs) from traditional solar companies, these are only available to larger companies with a large roof space of at least 2500 square meters.
Solar AI is the first to offer zero upfront cost solar power to residential homeowners and small commercial owners.
Getting started with the RTO program is extremely simple. Customers can first generate an instant estimate of their rooftop solar potential and potential electricity savings via Solar AI’s free online solar assessor tool, which only requires the address and information about the electricity bill.
Then they can submit a few additional documents online to allow Solar AI to generate accurate quotes for their solar installation, where customers can choose between RTO and initial purchase.
The solar panel system will be installed in an average of one week, and customers will be able to start saving money with solar electricity.
Singaporean solar energy company SUN Energy raises $25m in Series A funding, valuing the company at $200m
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