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3 May 2022

Econ Digest

Solar rooftops…help businesses reduce electricity costs

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        The cost of electricity is one of the important costs of business operations, accounting for about 4.0% of the business operating costs on average. At present, Thailand’s main power generation fuel comes from liquefied natural gas (LNG), accounting for about 64%, and other fossil fuels of more than 20%. Solar rooftops investments in the business sector are gaining more attraction as electricity prices are under pressure to rise due to the upward trend in fossil fuel prices in the world market while solar panel prices have risen in response to a global shortage of raw material supply, making the installation cost of solar rooftops about 7.0% higher than last year. KResearch assess that the solar rooftops market for the business sector will expand to 125.9 megawatts in 2022, up by 54.2% YOY. The actual saving on power costs by each business depends on many factors such as the capacity of the solar panels to generate electricity, the volume of power consumption, the investment in installing the solar panels and the financial statements of the business.

        In 2022, the solar rooftops market for the business sector is expected to be driven by businesses with high electricity costs, both manufacturing enterprises in the cement and steel industries, as well as those in the service sector such as warehouses, hotels, and retail businesses like shopping malls, as they value cost savings and the value of medium-to long-term investment. At the same time, solar rooftop suppliers are also racing to provide businesses with attractive investment models that ease the burden of installation and system maintenance. Looking forward, investments in solar rooftops will become even more important in the future, driven primarily by business trends focusing on the environment, social responsibility and governance (ESG), as well as by the enactment by many governments, including Thailand’s, of measures to achieve carbon neutrality by 2050 and the progressive introduction of more substantial support measures.

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Econ Digest