Extreme weather resulting from global warming is increasingly apparent. Scientists have cautioned that any increase in average global temperatures must be kept below two degrees to avoid irreversible catastrophic consequences. A viable solution is reducing the use of fossil fuels to lower green-house emissions and switching to renewable energy sources such as solar power.
Solar power technology has been around for years but it’s still not as widely adopted in Hong Kong as it is in some neighbouring regions. It takes policy support as much as cost savings to drive adoption.
Feed-in tariff plans kicked off in Hong Kong
The Hong Kong Government and the city’s power companies have introduced Renewable Energy Feed-in Tariff (FiT) plans to encourage residential and business customers to install renewable energy systems and connect them to power grids. In return, they earn FiT payments that go towards offsetting the installation costs.
Solar power is a readily available energy source. Science Park company New Energy Financing and Consulting Limited (NEFIN) is tailor-designing solar power solutions for property owners and companies. It offers services encompassing technology research, application purchase, installation design, service and maintenance as well as financing.
NEFIN’s managing director Glenn Lim says the company’s core management team is formed of photovoltaic specialists from Dupont Solar Business in the United States. They have rich international experience in photovoltaic technology and solar energy projects. The company has more than 20 employees offering services in design, technology, installation and management to meet the diverse adoption needs of corporate clients.
Experience in implementing large-scale projects
Glenn says that NEFIN has delivered over 150MW of solar projects internationally, including ground-mounted and rooftop solar systems and building-integrated photovoltaics (BIPV). He says there are plenty of unused rooftops and land for installing solar systems. NEFIN has successfully installed solar systems on farm land and salt fields in the past.
FiT an incentive for property owners to install solar panels
Glenn thinks that with FiT as an incentive, property owners can easily connect their solar power systems to power grids and get a high return. The solution also enhances the value of their property and contributes to sustainable development in the community. Wider adoption of the systems will help Hong Kong make bigger strides in harvesting solar power, and bring more business opportunities for business owners.
However, Hong Kong’s small footprint and hilly terrain put a limit on the scale of solar power plants, and the adoption of green energy in Hong Kong is relatively slow compared to neighbouring regions. Despite the limitations, Glenn is still determined to help Hong Kong harness solar energy to reduce emissions and attain its sustainability goals.
NEFIN joined HKSTP’s Incu-Tech programme in 2015 and has since graduated. Glenn says the support services offered through the incubation programme helped the company solve various problems in the startup stage. Science Park’s powerful brand image has also enhanced the company’s brand value and inspired confidence in its customers from different fields.
With the positive atmosphere generated by policy support and market sentiment, NEFIN can take its business far. Glenn says the company will take its R&D further, especially in leveraging the Internet of Things to manage solar power plants in different regions and optimise the efficiency of solar energy storage. He hopes this is the beginning of a bright green future for Hong Kong.