Cost of rooftop solar power projects drops
Cost of rooftop solar power projects drops
The cost of rooftop solar power projects has fallen substantially, Nguoi Lao Dong newspaper reported, citing Pham Quoc Bao, general director of HCMC Power Corporation (EVN HCMC), at a press briefing on April 9. As such, the number of rooftop solar power installations is expected to rise sharply in the years to come.
Bao noted that some VND60-70 million per kilowatt peak (kWp) was spent on rooftop power installations seven or eight years ago, but spending on rooftop solar power projects now averages VND20-21 million per kWp, one-third of the previous cost. Each kWp may generate three to five kilowatt hours (kWh) of electricity per day in HCMC, he remarked, adding that the city has high potential for a boom in rooftop solar power installations.
EVN HCMC has installed up to 16-17 megawatts (MW) of rooftop solar power to date, Bao noted, adding that this year, Vietnam Electricity Group had assigned EVN HCMC to call on residents to install rooftop solar panels, generating a combined 50 MW, but the corporation set a target of 80 MW.
To generate 50-80 MW of power this year, some VND1-1.5 trillion will be spent, Bao said.
The electricity sector will further spread the benefits of solar power to residents in the coming period to shore up the number of installations.
The solar panel manufacturing technology is now more advanced, with the average lifep of a panel battery amounting to 15 years. The capital recovery period for installations is expected to be some six to seven years, he explained.
Bao stressed that customers will benefit from rooftop panel installations as they will not only use the electricity being generated by the panels but can also sell the power to utility firms.
The representative of EVN HCMC stated that as of March 31, the city saw the total electricity consumption rise sharply to 83 million kWh per day, adding that in April, May and June, scorching weather is expected to continue in the city, creating the possibility of higher power consumption.
