Rooftop solar power systems will account for at least one-third of all solar installations in the Philippines by 2030 as the popularity of this renewable energy platform continues to rev up, according to Market Insights Reports.
The North Carolina-based American firm said in a report that within the next 12 years, total solar power generation capacity in the country was expected to reach 8,700 megawatts (MW).
According to a separate report from Netherlands-based Solarplaza, the Philippines’ solar power installed capacity totaled at just 900 MW as of June 2017.
Market Insights Reports said the Philippines was well positioned for producing solar energy and has considerable potential to take advantage of the investments and jobs that could be created by future solar power installations.
Also, the continued rise of solar power is helping shield the Philippines from geopolitical uncertainties, such as what the country faces with its dependence on imported petroleum products.
Market Insights Reports noted the Philippine government, through laws and regulations, was helping make renewable energy investments competitive in the country.
“The government in the Philippines aims to increase the solar PV (photovoltaic) installations, to reach 3 gigawatts (or 3,000 MW) of utility solar in 2022,” the research firm said.
“In addition, the cumulative solar installation is predicted to reach 8.7 GW by the end of 2030, with solar rooftops constituting 35 percent of the total installations,” it added. “These initiatives are likely to further drive the growth of the Philippine solar energy market.
Market Insights Reports said the renewable energy’s momentum got a boost with the commissioning in 2016 of the largest project in Southeast Asia, the 132.5-MW Cadiz solar power plant in Negros Occidental.
The Cadiz project “is a clear indication of the fact that the solar power market is rapidly emerging in the country and is among the top countries in the regional market,” the company said.