reporter2
11-06-16, 17:15
http://www.businesstimes.com.sg/energy-commodities/residential-property-owner-taps-crowdfunding-for-solar-installation
Residential property owner taps crowdfunding for solar installation
Investors to get 7 per cent return upon maturity of the loan on June 30 next year
By Andrea Soh
[email protected]
@AndreaSohBT
Jun 11, 2016
IN what is believed to be a first in Asia, a residential property owner in Singapore has successfully used crowdfunding to finance the installation of solar cells on her rooftop.
The project, launched on May 25, met its target of US$22,500 within 11 days, and some prospective investors had to be turned away, said SolarPVExchange, which provides the crowdfunding platform.
The solar photovoltaic system will produce 4.725 kilowatts at peak capacity, and generate about 6,000 kilowatt-hours of clean energy a year.
The carbon emission reduction from using the clean energy will be equivalent to the amount reduced by about 120 trees in a year, said SolarPVExchange.
Under the crowdfunding arrangement, the homeowner pays for the solar system through interest-free monthly instalments, while crowdfunding investors get a 7 per cent return on their principal amount upon maturity of the loan on June 30 next year. The interest amount will be stumped up by SolarPVExchange as part of its arrangement with solar vendor SunPro Energies.
Joyce Goh, owner of the property (at 48 Kismis Avenue, Cheng Soon Garden), said that her attempt to use solar energy 10 years ago was unsuccessful as it was not available to retail customers then. "With the recent increase in solar adoption, coupled with SolarPVExchange's sincere efforts in crowdfunding, I am glad to proceed with this project as planned," said Ms Goh.
SolarPVExchange said it is now discussing a fresh crowdfunding campaign with another residential owner.
Residential property owner taps crowdfunding for solar installation
Investors to get 7 per cent return upon maturity of the loan on June 30 next year
By Andrea Soh
[email protected]
@AndreaSohBT
Jun 11, 2016
IN what is believed to be a first in Asia, a residential property owner in Singapore has successfully used crowdfunding to finance the installation of solar cells on her rooftop.
The project, launched on May 25, met its target of US$22,500 within 11 days, and some prospective investors had to be turned away, said SolarPVExchange, which provides the crowdfunding platform.
The solar photovoltaic system will produce 4.725 kilowatts at peak capacity, and generate about 6,000 kilowatt-hours of clean energy a year.
The carbon emission reduction from using the clean energy will be equivalent to the amount reduced by about 120 trees in a year, said SolarPVExchange.
Under the crowdfunding arrangement, the homeowner pays for the solar system through interest-free monthly instalments, while crowdfunding investors get a 7 per cent return on their principal amount upon maturity of the loan on June 30 next year. The interest amount will be stumped up by SolarPVExchange as part of its arrangement with solar vendor SunPro Energies.
Joyce Goh, owner of the property (at 48 Kismis Avenue, Cheng Soon Garden), said that her attempt to use solar energy 10 years ago was unsuccessful as it was not available to retail customers then. "With the recent increase in solar adoption, coupled with SolarPVExchange's sincere efforts in crowdfunding, I am glad to proceed with this project as planned," said Ms Goh.
SolarPVExchange said it is now discussing a fresh crowdfunding campaign with another residential owner.