As of the first half of 2023, Singapore’s total installed solar panel production capacity is approximately 1,005.7 megawatt-peak (MWp).⁹¹⁰¹¹

Singapore’s total projected solar panel production capacity is set to reach 1.5 gigawatt-peak (GWp) by 2025 and at least 2 GWp by 2030.⁹¹⁰¹¹

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Natural Gas: The levelized cost of electricity (LCOE) for natural gas is generally low, ranging from approximately $0.05 to $0.07 per kWh, depending on the type of gas turbine used and the efficiency of the plant.

Biomass and Municipal Water: The LCOE for biomass and waste-to-energy plants is higher, typically around $0.10 to $0.15 per kWh, due to the higher capital and operational costs associated with these technologies​.

Solar Power: The LCOE for solar PV systems in Singapore is approximately $0.08 to $0.12 per kWh. This range takes into account the high initial capital costs and the relatively low operating costs over the system’s lifetime​.

Coal: The LCOE for coal-fired power plants generally ranges from $0.06 to $0.09 per kWh. However, the use of coal is limited due to its higher carbon emissions and environmental impact​.

Petroleum: The LCOE for diesel and other petroleum products can be quite high, ranging from $0.15 to $0.20 per kWh, primarily due to the high fuel costs​.

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Solar, Biomass, and Municipal Water: 2.9%

Natural Gas: 94.3%

Thermal (Coal): 1.2%

Petroleum: 1%

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Urban Areas: Singapore’s urban areas experience an extremely high level of electricity reliability, with the grid typically providing power 24 hours a day. The city-state’s infrastructure and energy policies ensure a consistent and uninterrupted supply of electricity to its dense urban population, contributing to an average daily availability of nearly 100%​.

Rural Areas: Even in the less populated or rural areas of Singapore, the electricity supply reliability is remarkably high, matching that of urban regions. The robust national grid infrastructure extends throughout the entire country, ensuring that rural areas also benefit from near-constant electricity availability, approximately 24 hours a day​.

As of the first half of 2023, there are approximately 3,311 residential solar panel installations in Singapore.⁹¹⁶

Installed Solar Farms: As of 2024, there are 4 operational solar farms in Singapore at a capacity of approximately 1.2 Gigawatt-peak (GWp).¹⁷

Projected Solar Farms: Additional Farms are to be added such as the Kranji Reservoir Floating Solar Farm. Singapore expects a capacity of 2 GWp by 2030.¹⁸

Current Demand: As of 2023, the off-grid solar market size was valued at approximately USD 2.62 billion. This market has seen an increase in demand for renewable-based electricity, particularly in residential complexes and housing societies.¹⁹

Projected Demand: By 2031, the market size is expected to reach USD 5.45 billion, reflecting a compound annual growth rate (CAGR) of 9.60% from 2023 to 2031.²⁰

Current Demand: As of 2023, the installed capacity of grid-connected solar photovoltaic (PV) systems in Singapore reached approximately 572 megawatt-peak (MWp), up from about 487 MWp in 2022.¹⁹

Projected Demand: The demand for on-grid solar panels in Singapore is projected to continue growing robustly over the coming years. By 2030, Singapore aims to achieve a total installed solar capacity of at least 2 gigawatt-peak (GWp).²¹

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Solar Engineer: $2,800 per month

Solar Project Manager: $4,707 per month

Solar Installation Technician: $2,500 per month

Solar Sales Representative: $3,000 per month

Solar Maintenance Technician: $2,600 per month

Renewable Energy Consultant: $4,200 per month

Solar Energy Analyst: $3,644 per month

Solar Panel Installer:  $3,700 per month

As of 2024, the population of Singapore is approximately 6,052,709 people²⁴

Overhead costs in solar panel production typically include several components which are ^22232425

Factory Rent in Singapore:

• The average rent for warehouse spaces in Singapore varies significantly based on location and facilities.
• High: $3.70 to $4.50 per square foot per month; Low: $2.00 to $3.00 per square foot per month.

Industrial Electricity Rates:

• The industrial electricity rate in Singapore is approximately $0.180 per kWh

Water Costs:

• The cost of water for industrial use in Singapore is around $1.83 per cubic meter (m^3)

Salaries and Wages:

• The average annual salary for a Solar Photovoltaic Installer in Singapore is around:
• High: $42,000; Low: $31,000

Office Supplies and Equipment:

• The cost for office supplies such as stationery in Singapore ranges from:
• High: $25.00 per item; Low: $5.00 per item.

Rent for Office Space:

• The rent for office spaces in cities like Singapore ranges from:
• High: $8.50 to $10.00 per square foot per month; Low: $5.50 to $7.00 per square foot per month

Insurance:

• The average spending per capita in the property insurance market in Singapore is estimated to be around $6.00 in 2024. Essential for the business’s operation but are not directly tied to the production of goods.

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Total Installed Capacity

• Current Capacity: Singapore’s total installed electricity capacity is predominantly driven by natural gas, which accounts for about 95% of the electricity generation. As of 2023, the installed solar capacity stands at around 0.6 gigawatt-peak (GWp), with a target to reach 2 GWp by 2030.
• Future Projections: By 2035, Singapore aims to import up to 4 gigawatts of low-carbon electricity, further integrating renewable energy sources into its energy mix.

Electricity Generation

• 2023 Data: In 2023, natural gas accounted for about 92% of the total electricity generation. The contribution from solar and other renewables is steadily increasing, although it remains a smaller portion of the total generation mix.
• Renewable Energy Targets: Singapore aims to have 30% of its electricity supply come from renewable energy imports by 2035.

Electricity Consumption

• 2023 Data: The total electricity consumption in Singapore for 2023 was projected to be approximately 55 terawatt-hours (TWh). Industrial and commercial sectors are the largest consumers, accounting for 41% and 39% of total consumption, respectively.
• Future Demand: Electricity demand is expected to grow by an average of 2.8% to 3.2% annually, reaching around 82 TWh by 2035.

Grid Infrastructure

• Grid Management: The Energy Market Authority (EMA) oversees Singapore’s grid infrastructure, which includes advanced technologies such as the Grid Digital Twin and Energy Storage Systems (ESS). In 2023, Singapore launched a 285 megawatt-hour ESS on Jurong Island, the largest in Southeast Asia.
• Reliability: The grid is highly reliable, supporting the country’s dense urban population and growing energy needs with minimal disruptions.

Clean Energy Transition

• Goals: Singapore is committed to increasing the share of renewable energy in its national energy mix. The country aims to achieve net-zero emissions by 2050, with significant contributions from solar power and imported renewable energy.
• Initiatives: The Future Energy Fund, with an initial investment of S$5 billion, supports infrastructure investments necessary for the energy transition towards a low-carbon future.

Investment in Renewable Energy

• Government Support: Significant investments are being made to boost renewable energy capacity, including policies such as feed-in tariffs, subsidies, and grants to encourage private sector participation.
• Emerging Technologies: Singapore is exploring low-carbon alternatives like hydrogen, with plans for new and repowered power plants to be at least 30% hydrogen-compatible from 2024.

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Electrical Installation License (EI License):

• Non-residential electrical installations, including solar photovoltaic (PV) systems with a load demand of more than 45kVA, require an Electrical Installation License. This is to ensure that all installations meet safety and regulatory standards.

Electricity Generation License:

• Any company generating electricity with a unit capacity of 10MW or more must obtain an Electricity Generation License. This license ensures that the electricity generation facilities comply with national standards and regulations.

Wholesaler License:

• Companies or contestable consumers who wish to sell electricity in the Singapore Wholesale Electricity Market (SWEM) for generating units with capacities between 1MW and 10MW need to obtain a Wholesaler License. This license also covers the sale of ancillary services and electricity-related products.

Solar Installation Guide and Standards:

• The Energy Market Authority (EMA) provides detailed guidelines and standards for installing solar panels, including technical specifications, safety measures, and compliance requirements. This guide ensures that solar installations are safe and efficient.

Intermittency Pricing Mechanism (IPM):

• The IPM allows the price of generated electricity to be adjusted based on the real-time availability of intermittent generation sources such as solar. This mechanism ensures that costs are fairly allocated across all generation sources, promoting sustainable solar deployment.

Building Integrated Solar Photovoltaic (BIPV) Standards:

• BIPV involves integrating solar PV systems into building designs, such as roofs, facades, and windows. There are specific standards and guidelines for these installations to ensure they are safe, effective, and aesthetically pleasing.

Environmental Permits:

• Solar panel installations may require environmental permits to ensure they do not adversely impact the surrounding environment. These permits cover aspects such as land use, emissions, and waste management.

Grid Connection Standards:

• For solar facilities generating more energy than consumed, there are regulations governing the export of excess electricity to the grid. These standards ensure smooth and efficient grid integration.

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Future Energy Fund:

• A $5 billion fund established to support infrastructure investments necessary for the energy transition towards low-carbon electricity, including solar energy projects.

SolarNova Programme:

• Launched in 2014, the SolarNova programme aims to promote the use of solar energy in Singapore. It targets a solar capacity of 350 megawatts-peak (MWp) by 2020 and provides co-funding grants covering up to 50% of installation costs, with a cap of SGD 20 million per project.

Enhanced Capital Allowance (ECA) Scheme:

• This scheme allows businesses and landed property owners to claim tax deductions for capital expenditure incurred on installing solar panels. It provides a tax deduction of 100% of the qualifying expenditure in the year of assessment.

Green Mark Incentive Scheme for Existing Buildings (GMIS-EB 2.0):

• Introduced by the Building and Construction Authority (BCA) to improve energy efficiency in existing buildings. It offers financial support based on Green Mark certification levels, covering up to 50% of qualifying costs with various funding caps.

Installed Projects¹⁷

Tengeh Reservoir Floating Solar Farm

• Location: Tengeh Reservoir, Singapore
• Capacity: 60 MWp
• Detail: This floating solar farm is one of the largest in the world and was completed in 2021. It spans an area equivalent to 45 football fields and produces enough electricity to power about 16,000 four-room flats annually.

Woodlands Floating Solar Farm

• Location: Woodlands, Singapore
• Capacity: 5 MWp
• Detail: This offshore floating solar farm was deployed in the Straits of Johor by Sunseap Group. It consists of 13,312 panels and covers an area of five hectares.

EDP Renewables Rooftop Solar Installation

• Location: Various HDB Blocks and Government Buildings, Singapore
• Capacity: Up to 200 MWp
• Detail: Under the SolarNova program, EDP Renewables has installed over 320,000 solar panels across 1,075 public housing buildings and 101 government-owned buildings.

Projected Projects¹⁸

Kranji Reservoir Floating Solar Farm

• Location: Kranji Reservoir, Singapore
• Capacity: 141 MWp
• Detail: Construction for this mega floating solar farm is expected to begin in 2025. It will be one of the largest floating solar projects in Singapore.

Pandan Reservoir Floating Solar Farm

• Location: Pandan Reservoir, Singapore
• Capacity: 55 MWp
• Detail: PUB, Singapore’s National Water Agency, has launched a tender for the development of this floating solar photovoltaic system, following the success of the Tengeh Reservoir project.

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Sembcorp Industries

• Sembcorp Industries is a leading energy and urban development company that has made significant investments in solar power. They focus on developing and managing solar energy projects and providing integrated renewable energy solutions.

Sunseap Group

• Sunseap Group is a major player in Singapore’s solar energy sector. They are involved in the development, installation, and operation of solar power systems, including solar rooftop installations and large-scale solar farms.

SolarHome

• SolarHome provides affordable and accessible solar energy solutions to residential areas. They specialize in off-grid solar systems, targeting households in Singapore and across Southeast Asia with pay-as-you-go models.

Keppel Infrastructure

• Keppel Infrastructure is a part of the Keppel Group and is involved in various energy projects, including solar power. They develop and manage solar energy assets and provide integrated energy solutions.

Tanjong Energy Holdings

• Tanjong Energy Holdings focuses on investing in and managing energy assets, including solar power projects. They work on developing and operating large-scale solar installations.

Chongqing Suntech Power Co., Ltd.

• Suntech Power is an international solar panel manufacturer with a significant presence in Singapore. They produce high-quality solar photovoltaic panels and provide solutions for solar energy generation.

ET Solar

• ET Solar is a global solar energy company with operations in Singapore. They specialize in manufacturing solar panels and providing integrated solar solutions for commercial and residential applications.

PacificLight Power

• PacificLight Power is an energy company that invests in and operates various power generation assets, including solar energy projects. They focus on providing sustainable and reliable energy solutions.

Q CELLS

• Q CELLS is a global solar cell manufacturer with a presence in Singapore. They produce high-efficiency solar panels and provide comprehensive solar energy solutions for different applications.