Why Solar?: Exploring Renewable Energy Options in Singapore

The government has been pushing to increase our renewable energy capacity for a while now, especially with the Minister of Sustainability and the Environment, Ms Grace Fu, signing the agreement to triple our renewable energy capacity at the UN Climate Change Conference (COP28).

During Singapore International Energy Week (SIEW) on October 25 last year, Mr Ralph Foong, Deputy Chief Executive of the Energy Market Authority, emphasised the crucial role of technology as an enabler in achieving our goal towards Net Zero Emissions by 2050.

But, when it comes to decision-making for a suitable energy source to reduce our carbon emissions, what will be a more sensible choice? Solar, Wind, or Hydrogen?

Top 3 Markets and Notable Players in the APAC Region

As for the top three renewable energy markets in the APAC region, China takes the lead. It has the highest renewable energy market share, accounting for over 40% of the installed capacity in the region. The market for renewable energy in China is characterized by a dominant focus on wind and solar power. In fact, China is the largest producer of both. China Energy, State Power Investment Corporation, and China Guodian Corporation are the biggest players in China’s renewable energy market.

India comes in second as the largest renewable energy market in the APAC region. India’s total installed capacity stands at over 95 GW, and the country has set an ambitious target of achieving 175 GW of renewable energy capacity by 2022. Adani Green Energy, Tata Power, and ReNew Power are the dominant players in India’s renewable energy market.

In third place is Japan, boasting an immense installed capacity of over 57 GW. The land of the rising sun is paving the way in the renewable energy market, with a primary focus on solar power, and has set an ambitious target of achieving 24% of its energy mix from renewable sources by 2030. Leading the charge in the Japanese renewable energy market are the likes of SoftBank Group, Tokyo Electric Power Company, and JERA.

Up-and-Coming Markets and New Players to Look Out For

Vietnam, Australia, and South Korea are emerging as the exciting up-and-coming markets for renewable energy in the APAC region, with significant investment and promising growth projected in the years to come. These markets are characterized by growing energy demand, favorable government policies, and the influx of new players.

Vietnam, with an installed renewable energy capacity of over 10 GW, is shooting for the stars with a target of achieving 21% of its energy mix from renewable sources by 2030. The market is expected to soar to new heights, with a projected addition of over 23 GW of renewable energy capacity in the coming decade. Trungnam Group, AC Energy, and B.Grimm Power are the titans leading the way in this promising market.

Australia, with its wealth of natural resources like solar and wind power, has set its sights high, targeting a 50% renewable energy mix by 2030. The market is predicted to surge forward, with over 50 GW of renewable energy capacity projected to be added in the next decade. The likes of AGL Energy, Origin Energy, and Macquarie Group are the heavyweights leading the charge in the Australian renewable energy market.

Last but certainly not least, South Korea is making strides towards a cleaner energy future, with a target of achieving 20% of its energy mix from renewable sources by 2030. The market is expected to see an addition of over 30 GW of renewable energy capacity in the coming decade, with industry leaders such as Korea Electric Power Corporation, Hanwha Energy, and SK E&S leading the charge.

In summary, the renewable energy landscape in the APAC region is evolving at a breakneck pace. The market is dominated by industry titans such as state-owned companies, power utilities, and conglomerates, but new players like independent power producers and foreign investors are entering the fray, bringing with them fresh perspectives and innovative ideas. It is an exhilarating time for industry players and investors alike to capitalize on the vast opportunities that await in the quest for a cleaner and more sustainable energy future.

Let’s explore the options.

Solar Energy:
Pros

As a tropical country, there is a guaranteed abundance of sunlight.
(which is what solar PV systems generate electricity from)
Government-led initiatives like SolarNova promote solar energy adoption.
Reduces reliance on imported fossil fuels that are harmful to the environment.
It supports Singapore’s commitment to sustainability and green initiatives.
Lowers electricity bills over the long term, with 5 to 7 years ROI (Return on investment)

Cons

High initial installation costs
Space requirements for the solar PV system

Wind Energy:
Pros

Contributes to reducing carbon emissions
Aligns with Singapore’s goal of diversifying energy sources.

Cons

There are challenges to using offshore winds due to busy maritime traffic in our waters.
Most commercial wind turbines operate at average wind speeds of at least 4.5 m/s. On the other hand, the average wind speed in Singapore is only about 2-3 m/s. Therefore, there’s a low potential of using wind for power generation in Singapore based on existing technology.

Hydrogen:
Pros

Hydrogen is a renewable energy source, contributing to sustainability goals.
It typically has low carbon emissions, aligning with environmental objectives.
Allows diversifying the energy mix for increased resilience.

Cons

Singapore has limited natural water resources suitable for large-scale hydrogen projects.
The geographical characteristics of Singapore might make it challenging to implement traditional hydrogen systems. (it is still undergoing research)
Singapore might prioritise other renewable sources like solar or other low-carbon sources, which align more closely with its geographic and environmental conditions.
The feasibility of hydrogen as a base load source would depend on the availability of suitable locations and the scale of the projects.
The reservoirs in Singapore are primarily for water supply and flood control rather than optimised for hydrogen generation.

We have mentioned the advantages and disadvantages of the renewables that
Singapore has explored.

Let’s uncover some common misconceptions people have about Solar PV systems and what makes solar adoption the best.:

Debunking Misconceptions of Solar

> Not suitable for small spaces – Some believe Solar panels require a large rooftop or a significant open area. In reality, solar installations are customisable to fit various places, and advancements in technology allow for the efficient use of smaller roof areas.

> Maintenance Challenges – There’s a misconception that solar panels require frequent and expensive maintenance. In truth, solar panels are low-maintenance, with occasional cleaning (every six months to a year) being the primary requirement. They have no moving parts, reducing the risk of breakdowns.

> Solar Energy is only for Electricity – People often associate solar energy solely with electricity generation. However, solar thermal systems can also heat water up in residential and commercial settings.

What makes solar adoption the best?

While the land space in Singapore is limited, solar is not only a system found in our home country. Solar PV systems are known globally as more and more countries have solar installations on the roofs of their homes, business buildings, mounting on open spaces, etc.

Here are some advantages:
> Renewable and sustainable energy source – Solar energy is harnessed as long as the sun shines, making it an inexhaustible power source. Unlike fossil fuels, it does not produce harmful emissions that contribute to air pollution and climate change.

> Reduced energy dependence – By generating electricity from solar panels, individuals and businesses can reduce their reliance on grid-supplied electricity, then achieve greater energy resilience and reduce their environmental impact.

> Versatile Installation: Solar PV systems are installed on various surfaces, including rooftops, building facades, and open spaces like car parks and fields. This versatility allows efficient use of available space without requiring extensive land use, making it suitable for urban environments like Singapore.

With these benefits in mind, it’s clear that solar adoption holds significant promise for addressing Singapore’s energy needs sustainably. If you’re interested in exploring solar solutions for your business or home, we’re here to help.

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Visit our FAQ section to learn more about how solar energy can benefit you and find answers to common questions about installation and maintenance.

For any further enquiries, feel free to drop us an email at info@sunproenergies.com. Take the first step towards a cleaner, more sustainable energy future today!