This paper presents an economic and technical analysis of the feasibility of solar photovoltaics (PV) in Singapore’s context. Cost of the electricity generated using Solar PV applications is calculated using the Levelled Costs of Electricity (LCOE) method. The main factors to determine the levelled costs are the solar panels and yearly yield of the PV systems. Variety of technologies are compared to find the LCOE of solar PV systems, Like power generation using coal, gas etc. and they CO2 emission rates.
We compare the LCOE across a range of technologies and find that solar PV is both a more expensive means of electricity generation than most other technologies, including combined cycle gas turbines (CCGT) and coal, as well as an expensive means of CO2 emission mitigation. Projections of the LCOE of solar PV using experience curves indicate that solar PV is likely to become more cost-competitive relative to other technologies in the future.
At this moment solar PV is currently bit more pricier than other technologies to generate electricity compare to combined cycle gas turbine (CCGT), the technology is progressing and mass quantity manufacturing in countries like China, India etc. will bring down costs significantly. Reports from International Energy Agency (IEA) estimate there is should be significant fall in price due to mass manufacturing and better energy outputs by end of this year.
Benefits of implementing Large Scale PV applications in Singapore
• No emissions which promotes a sustainable Environment..
• Lesser dependence on fuels which provides Singapore Energy security.
• Peak our demands can be met as we are all aware that Singapore falls under equator and its hot and humid during the afternoons. Thus electricity can be generated using solar applications.
• It reduces electricity bills which benefits the consumer directly. - 8 references