Sunseap unit launching pilot hire purchase plan for solar panels

SOLARPVEXCHANGE, a subsidiary of clean energy provider Sunseap Group, will launch a pilot hire purchase scheme for residential and commercial clients who wish to install solar panels at their premises.

The scheme, which goes on trial in October, will enable clients to pay regular instalments of up to five years for the solar panels and their set-up costs.

"The scheme is available for the first 20 landed residential and commercial clients with a sizeable roof space who are not SolarPVExchange's existing customers," the company said.

For landed property owners, a typical solar photovoltaic (PV) system costs S$50,000 to S$150,000 to purchase and install, while it costs an average of S$300,000 to S$1.5 million for commercial premises.

Rob Khoo, SolarPVExchange's managing director, said: "This instalment plan was designed in response to customers' demand. Lately, we have received a growing number of requests from both individuals and SMEs planning to go green but preferring not to pay a large lump sum upfront."

"We are encouraged by the growing interest in renewable energy and the many homeowners and corporates eager to play their part in protecting the environment. The fact that solar energy no longer costs more than conventional energy has made the decision to switch easier."

Switching to solar energy can save 20-30 per cent on electricity bills on average, depending on the usage habits of the owners and size of the solar PV system, SolarPVExchange said.