How Engie's Startup Solar AI Technologies Uses Affordable Models To Make Solar Energy Accessible

Andi C., Tech Times 02 November 2022, 01:11 pm

Solar AI Technologies is a Singapore-based tech-startup company incubated and funded by the global energy group, Engie. The tech company aims to promote solar energy to properties all across Southeast Asia, with future plans to expand its market in countries like the Philippines and Malaysia.

According to ZDNet, Solar AI Technologies has signed 28 customers to avail their residence of a home solar panel system. They have also garnered 12 customers who subscribed to their 10-year rent-to-own plan and 16 customers who opted for their 5-year rent-to-own plan.

Additionally, using a renewable source of power, such as solar energy, has played a big environmental impact by lowering greenhouse gas emissions and reducing waste from fuel production.

Solar AI Technologies' Affordable Cost Plan

Despite the long-term benefits that making the switch to solar power brings, the cost of acquiring a home panel system is definitely no joke. According to Technode Global, the average price of a solar panel system could range from $6,000 up to $34,000 in today's market.

However, Solar AI Technologies provides the ideal solution to make the switch by being the first to offer zero upfront cost for their solar power system plans while safeguarding customers from rising energy costs.

Solar AI boasts that their flat monthly fee is expected to be around 20% to 50% lower than the average monthly electric bill. With their monthly plans that can stretch up to five or ten years to pay, customers can pay around SG$250 a month compared to paying the average SG$300 to SG$350 in monthly electricity bills.

Solar AI Aims to Lower Lack of Trust Towards Solar Energy

Solar AI's co-founder Bolong Chew has the vision to convert a whopping 5,000 properties into a solar energy system across Southeast Asia by 2025.

Chew previously worked for Engie prior to becoming a businessman of Solar AI, as he tells Engie Factory that he believes entrepreneurship is his best bet to creating a dent in the world by utilizing renewables as the future of energy. Thus, Engie has been one of the key investors of Solar AI to build Chew's startup solar energy business.

However, the lack of awareness and trust in Singapore has been one of the obstacles to achieving their goal. The lack of trust and the expensive impression that solar energy gives customers is what fueled Chew to create affordable plans for Solar AI.

Chew noted that convincing homeowners to invest in a solar-powered system had not been an easy feat, considering that customers need to put in the work to learn how to maintain a new system and that it could take years for the cost saving on actualizing. Despite the setbacks from their vision, Solar AI aims to "have boots on the ground" outside of Singapore by 2024 in the Philippines, followed by Malaysia in 2025.

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Written by: Andi C.