SINGAPORE (Nov 26): United Overseas Bank (UOB) is collaborating with three homegrown solar companies – SolarGy, SolarPVExchange and Sunseap Group – to accelerate the use of solar energy in Singapore.

Under the collaboration, business and home owners will be able to adopt solar energy by choosing from the installation, commissioning, operations and after-sales service packages for solar power systems provided by the three companies.

To help with the costs of installing and maintaining the system, UOB will offer business owners solar equipment financing, while home owners can opt for a 0% interest instalment plan of up to 36 months.

The tie-up is part of the bank’s U-Solar programme, which seeks to enable businesses and consumers to reduce their reliance on nonrenewable energy.

“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. Despite this, many companies and consumers remain hesitant to adopt solar power, believing that it requires high upfront investment,” says Frederick Chin, UOB’s head of Group Wholesale Banking and Markets.

“With U-Solar, businesses and home owners will be able to make the switch to solar power easily without having to worry about how to fund the purchase of the solar power system for their factories, offices and homes,” he adds.

“UOB’s U-Solar programme makes it easier and more financially attractive for people to tap solar energy in powering up their buildings and homes,” says Rob Khoo, managing director of SolarPVExchange. “This will enable us to help more users switch to solar power, deepening our collective efforts in tackling climate change.”