The number of residential solar panel installations in Singapore has increased from 35 in 2011 to 129 in 2013, said media reports.
But those who are reluctant to install solar panels due to the high installation cost still have other options.
SolarPVExchange, for instance, has offered to match a homeowner wanting to install solar panels with investors, who will pay the installation costs. As the homeowners enjoy reduced electricity bills, they will pay a percentage of the amount saved to the investors over the next 20 years.
Investors, on the other hand, can expect to receive a minimum return of five percent.
Another company that has tapped into the growing interest in solar technology is Sunseap Leasing.
The company receives around 30 enquiries each month, up from five per month in 2010.
"One reason is because solar panel prices have dropped over the years. Since 2009 till now, the prices have dipped more than half," said Frank Phuan, Director of Sunseap Leasing.
Meanwhile, the government is encouraging more homeowners to use solar power.
Notably, homeowners with excess electricity generated from their solar panels can sell them back to the power grid. They are paid the energy cost of the electricity exported into the grid, with the amount offset from their electricity bill.
In fact, 280 landed homeowners and town councils were listed under this credit scheme as of April 2014.
Image source: SolarPVExchange's Facebook page