Businesses and individuals in Singapore seeking to adopt solar energy can choose from the bank’s three selected local partners: SolarGy, SolarPVExchange and Sunseap Group. The partners will provide service across installation, commissioning, operations and aftersales.
For business owners, UOB will provide solar equipment financing and for homeowners, the bank will offer a zero percent interest rate installment plan of up to 36 months.
The Singapore arm of the initiative is part of UOB’s broader U-Solar program to boost solar power usage across the region. The program first launched in October 2019 before subsequently rolling out in Indonesia and now Singapore.
Solar power is not only a clean and efficient energy source but has also become a more economically viable option as the technology to harness solar energy matures,» said Frederick Chin, UOB’s head of group wholesale banking and markets. «Despite this, many companies and consumers remain hesitant to adopt solar power, believing that it requires high upfront investment.