Singapore’s Solar Push Saves $97 Million but Still Covers Only 2% of Power

A report released in late August by the Finland‑based Centre for Research on Energy and Clean Air (CREA), cited by Channel News Asia, says Singapore saved about $97 million in fossil‑fuel costs thanks to avoided gas imports after expanding its solar capacity.

Nevertheless, the same research found that Singapore incurred $8.1 billion in additional gross fossil‑fuel costs during the six months following the outbreak of the U.S.–Iran war, as natural‑gas prices surged.

Isaac Levi, CREA’s Europe‑Russia policy and energy analysis team lead, noted that this placed Singapore 13th out of 171 territories for extra fossil‑fuel import costs, with China, India and the United States facing the largest financial burdens.

More than 95% of Singapore’s electricity is generated from imported natural gas, a fuel whose price rose sharply during the conflict and whose shipments were disrupted by strikes in the Strait of Hormuz.

Despite the rapid solar rollout, solar energy still supplies only about 2% of the country’s electricity needs, according to Levi, keeping its share of the power mix relatively small.

In February, Singapore raised its solar deployment target to 3 GWp by 2030 after reaching the original 2 GWp goal early, using rooftops, reservoirs and other surfaces to install new panels.

The case shows solar can cut import costs, yet with gas supplying over 95% of power, renewables still play a modest role.

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Singapore’s Solar Push Saves $97 Million but Still Covers Only 2% of Power

Singapore’s Solar Push Saves $97 Million but Still Covers Only 2% of Power

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