The market for solar panels and smart-home devices in Singapore is flourishing, according to a survey conducted by Accenture as reported in the media.
Out of 500 Singaporeans polled, the consultancy found out five percent already have solar panels for residential use, while 56 percent will likely follow suit in the next five years.
However, the cost of installing such equipment remains high. Based on recent media reports, the price tag ranges from $10,000 to $40,000.
As such, 55 percent of the participants said the availability of financial subsidies is one of the top factors affecting their decision to buy solar panels.
Respondents also said they are likely to buy such products from their current energy provider or firms that specialises in solar power, rather than electronics providers or home-improvement companies.