Keppel Electric has launched a new green electricity retail plan for residential customers.
Named ecoGreen, the introductory price of the ecoGreen plan is currently lower than the national electricity tariff, says Keppel Electric in a Feb 4 press release.
Under the ecoGreen plan, internationally recognised Renewable Energy Certificates (RECs) from Singapore will be retired annually for ecoGreen plan customers, thus certifying that the units of electricity consumed are generated from renewable energy sources, says Keppel Electric.
RECs are a market-based instrument that certifies the bearer owns one megawatt-hour (MWh) of electricity generated from a renewable energy resource.
Keppel Electric will also offer customers residing in terrace, semi-detached or detached landed housing the option to install solar panels on their premises.
Customers with solar panels installed will have the ability to sell back excess solar energy to the grid under the Enhanced Central Intermediary Scheme (ECIS) managed by SP Group. This will be reflected as export rebates in their SP bill.
See also: Keppel Infrastructure partners Perennial to introduce sustainable energy-as-a-service concept
Keppel Electric has partnered with several banks for solar panel financing plans under the DBS Green Renovation Loan and the UOB 0% credit card instalment payment plan offered under their U-Solar Programme.
Upon the banks’ approval, the solar panel installation will be carried out at the customer’s premises.
Cindy Lim, CEO of Keppel Infrastructure, the parent company of Keppel Electric, says: “Riding on the encouraging outcomes at COP 26 on market mechanisms and non-market approaches (Article 6), we have responded swiftly and launched ecoGreen electricity plan to enhance Keppel Electric's value proposition to our customers with sustainable energy solutions. Not only will this help reduce Keppel Electric’s carbon footprint, it will also make it easier for our customers and the community to contribute to a lower carbon economy and embrace greener lifestyles."
See also: Keppel Infrastructure, IES and Envision ink MOU to offer renewable energy solutions for Asean
Apart from the green electricity retail plan, Keppel Electric’s recent efforts to provide sustainable energy include an exclusive framework agreement with Electricite Du Laos signed in September 2021 as part of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP), to jointly explore opportunities to import renewable energy into Singapore.
Established in June 1997, Keppel Electric is Singapore's first homegrown electricity retailer. Following the launch of the Open Electricity Market in April 2018, the company now serves 150,000 residential customers.
