SINGAPORE - The price of solar technology is an issue that the Solar Energy Research Institute of Singapore (Seris) is gearing up to tackle.

Jointly supported by the Economic Development Board (EDB) and the national University of Singapore, the institute will tie up with the international solar industry to conduct research and development.

"I think the prices will be brought down by industry, not by R&D (Research and Development) , but R&D can help. We have done this analysis and we are working together with the industry… we can guarantee this, and this will happen in the next three years," said Mr Joachim Luther, Seris' chief executive officer.

"This will create grid parity, where the cost of solar energy produced in solar energy installation will equal the price at which utilities sell electricity, and this will be another breakthrough in the market of solar energy. If we have a breakthrough, the market will increase even more and this will bring down the cost of solar."

Seris has just settled into a new 4,800-square-metre home at the National University of Singapore and is now looking into tapping on industry-generated revenue. As it grows, it also expects to employ more than 100 researchers by 2012.

Operations at the institute started just over a year and a half ago, and it is expected to have some $130 million to spend over the next five years. The core funding from EDB originates from the National Research Foundation as part of the clean energy strategic programme.

Seris has also established a certification and testing centre that offers a full suite of solar module testing. The centre will begin operations at the end of this year.