MSpectrum Inc., the solar arm of Manila Electric Co. (Meralco), is optimistic of the continuing growth of the solar industry, saying the “future of the solar industry in the Philippines holds great potential.”
Spectrum said the future of the solar industry is promising given the government’s commitment to increasing renewable energy share in the power mix and the issuance of policies and initiatives.
“The country’s abundant sunlight and favorable regulatory environment position it as a prime location for solar investments,” it said.
Spectrum said the country is well-positioned to become a leader in solar power amid the government’s commitment towards a 35 percent renewable energy share target by 2030.
“The continued growth in solar capacity, combined with advancements in technology and decreasing costs, will contribute to the industry’s expansion,” Spectrum said in a report.
It said that as the price of solar energy continues to become more competitive compared to conventional power sources, more consumers and businesses will likely switch to solar.
Spectrum said the solar industry also has its own challenges to overcome and opportunities for further development. These include high upfront costs associated with solar installations.
“Despite the decreasing prices of solar panels, the initial investment required for setting up solar power systems can still be a barrier for many individuals and businesses. However, there are opportunities for financial incentives and government subsidies that can help mitigate these costs and make solar energy more accessible,” it said.
Spectrum said solar is also intermittent and dependent on weather conditions, which can affect its reliability.
“This intermittency poses a challenge for energy grids, and the integration of solar power into the existing infrastructure needs to be carefully planned and managed,” it said.
Spectrum said the potential for cost savings and energy independence are attractive incentives for businesses and households to invest in solar power.
“Moreover, advancements in energy storage technologies are helping to address the issue of intermittency, making solar energy a more reliable and consistent source of power,” it said.
Spectrum offers tailor-fit solutions for industrial, commercial, and residential prospective solar customers through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners. It is supported by Meralco’s energy expertise and safety track record.