Singapore Renewable Energy Policy Handbook 2022 Update
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Singapore has set a target to achieve 2GW of Solar PV capacity by 2030. The Singapore renewable energy policy handbook offers comprehensive information on major policies governing the renewable energy market in the country. The report also discusses renewable energy targets and plans along with the present policy framework, giving a fair idea of the overall growth potential of the renewable energy industry. Moreover, the report provides major technology-specific policies and incentives provided in the country.
Singapore Renewable Energy Market Dynamics
Singapore’s power sector is regulated by the Energy Market Authority (EMA), which falls under the energy division of the Ministry of Trade and Industry. The government has policies that favor the growth of renewable power, but it is reluctant to provide either subsidies or Feed-in Tariffs (FiT). This is due to its objective for the sector to grow into a robust system that is not dependent on the government for survival. However, the EMA provides basic incentives to solar PV power generators such as net metering under a scheme named Simplified Credit Treatment Scheme (SCT) and Enhanced Central Intermediary Scheme (ECIS). There are also Renewable Energy Certificates (REC) that encourage the adoption of renewable power plants.
The country has one of the highest population densities in the world and has limited renewable energy options. The lack of a large area for ground-scale renewable power plants, lower wind speeds, lack of tidal wave offshore power, and limited water sources have caused a major challenge for the development of renewable power in Singapore. The country generates the majority of its electricity from gas-fired power plants and is dependent on natural gas imports.
Major Policies & Incentives in the Singapore Renewable Energy Market
Some of the major policies & incentives in the Singapore renewable energy market are National Energy Policy, Solar PV Subsidies, SolarNova Program, Tax Incentive for Energy Saving Equipment, Singapore’s Carbon Tax, and Hydrogen Energy.
SolarNova Program: In 2014, the SolarNova program was launched and is a whole-of-Government effort led by the Economic Development Board (EDB) and Housing and Development Board (HDB) to accelerate the deployment of solar PV systems in Singapore. This program helps to promote and aggregate demand for solar PV across government agencies to achieve economies of scale, as well as drive the growth of Singapore’s solar industry.
Tax Incentive for Energy Saving Equipment: A tax incentive is being provided for the use of energy-saving equipment in business activities. This incentive is provided under the Income Tax Act of Singapore. Under this scheme, capital expenditure on eligible energy-saving equipment can be written off in one year instead of 3 years. Supply and installation costs except for consultancy costs of equipment are considered for the calculation of capital expenditure under this scheme. The applicant must own and use the equipment for business purposes only. Eligible equipment includes solar heating or cooling system and a solar energy collection system.
Hydrogen Energy: Singapore does not have a national hydrogen strategy. However, there have been several investments in this space and the recent publication of an energy report provides a positive outlook for this sector. In March 2022, the EMA published the Energy 2050 Committee Report that concluded that it may be feasible for Singapore to achieve net zero emissions by 2050. The report additionally highlighted that hydrogen would play a key role in achieving the country’s targets. One of the strategies proposed by the Committee is to develop the use of low-carbon hydrogen for power generation.
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Singapore Renewable Energy Market Report Overview
Major Policies & Incentives | National Energy Policy, Solar PV Subsidies, SolarNova Program, Tax Incentive for Energy Saving Equipment, Singapore’s Carbon Tax, and Hydrogen Energy |
Scope
- The report covers policy measures and incentives used by Singapore to promote renewable energy.
- The report details promotional measures in Singapore both for the overall renewable energy industry and for specific renewable energy technologies that have potential in the country.
Reasons to Buy
The report will enhance your decision-making capability in a more rapid and time-sensitive manner. It will allow you to:
- Develop business strategies with the help of specific insights about policy decisions being taken for different renewable energy sources.
- Identify opportunities and challenges in exploiting various renewable technologies.
- Compare the level of support provided to different renewable energy technologies in the country.
- Be ahead of the competition by keeping yourself abreast of all the latest policy changes.
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Frequently asked questions
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What are the major policies & incentives in the Singapore renewable energy market?
Some of the major policies & incentives in the Singapore renewable energy market are National Energy Policy, Solar PV Subsidies, SolarNova Program, Tax Incentive for Energy Saving Equipment, Singapore’s Carbon Tax, and Hydrogen Energy.
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