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30.06.26 - 04:24
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Philippines Becomes World′s Top Solar Panel Buyer (ZeroHedge)
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Philippines Becomes World's Top Solar Panel Buyer
By Charles Kennedy of OilPrice.com
People in the Philippines are flocking to install solar power on rooftops and escape the burden of soaring electricity prices, making it the world's biggest spender on solar panels since the war in Iran started.
Top Philippines power distributor Meralco has raised prices by 10% since the Middle East conflict began in late February. Now, a median household spends around 12% of monthly income on electricity, assuming it consumes 200 kilowatt-hours, approximately the monthly average for three people.
Amid record-beating electricity prices and a supply crunch in fossil fuels, many Filipinos have opted to install rooftop solar panels over the past three months.
The spending on solar panels in the Southeast Asian country, which has been one of the worst-hit Asian economies in the energy supply crisis triggered by the Middle East conflict, topped $407 million between March 1 and May 31, per China customs ...
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