The Philippines is experiencing a surge in solar panel installations as residents seek to escape soaring electricity prices. The country has become the world’s biggest spender on solar panels since the war in Iran started, with top power distributor Meralco raising prices by 10% since the conflict began.

Solar Power Demand

The demand for solar power is driven by high electricity prices, with a median household spending around 12% of monthly income on electricity. The Philippines is one of the few countries in Southeast Asia with barely any power subsidies, and its residential power prices are the highest in the region.

Adrian Sabatera, a 39-year-old software engineer, recently installed a 570,000 peso ($9,300) solar panel system at his Manila house. He believes that a third of the middle-class population will eventually switch to solar power due to the high electricity prices.

Solar Panel Imports

The rooftop solar rush has resulted in $407 million in panel imports in the three months through May, a 145% increase from a year earlier. Even when Chinese panel shipments fell 13% in May after a tax rebate removal, exports to the Philippines rose by almost a third.

Philergy German Solar, a Manila-based installer, received more than 2-1/2 times the number of customer enquiries in the first five months of this year compared to last year. The company’s managing partner, Jochen Staudter, said that customers are deciding to buy solar panels much faster than before, driven by high electricity prices.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.