IN what is believed to be the first of its kind in Asia, a residential property in Singapore has successfully used crowdfunding to finance the installation of solar cells on its rooftop.
The project, launched on May 25, met its target of S$22,500 within 11 days, and some of the investors who were interested had to be turned away, said SolarPVExchange, which provides the crowdfunding platform.
The solar photovoltaic system will produce 4.725 kilowatt at peak capacity, and generate about 6,000 kilowatt-hour of clean energy a year.
The amount of carbon emission reduction from using the clean energy is equivalent to that produced 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 achieve a 7 per cent interest return on their principal amount upon maturity of the loan on June 30 next year.
The 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 by SolarPVExchange’s sincere efforts in crowdfunding, I am glad to proceed with this project as planned,” said Joyce Goh.
SolarPVExchange said it is now in talks for a crowdfunding campaign with another residential owner.
Amendment note: An earlier version of this story stated that the amount raised is in US dollars. This has been revised to reflect that it is in Singapore dollars.