Photo voltaic options have change into more and more interesting as a way to scale back electrical energy bills
by NURUL SUHAIDI
EMBRACING photo voltaic power is not only a acutely aware effort towards an environmentally sustainable future, but in addition an energy-saving funding for householders and companies to chop down on their electrical energy payments.
From rooftop installations to sprawling photo voltaic farms, photovoltaic (PV) panels are revolutionising how we generate electrical energy, paving the best way for a cleaner and extra resilient future.
Solarvest Holdings Bhd ED and group CEO Davis Chong Chun Shiong mentioned the surge in photo voltaic adoption amongst people and firms is pushed by the notice of the need for renewable power (RE) to safeguard towards potential tariff hikes.
“With the federal government’s announcement of tariff increments and the rise in electrical energy prices in Malaysia, photo voltaic options have change into more and more interesting as a way to scale back electrical energy bills,” he advised The Malaysian Reserve (TMR).
Nonetheless, as extra individuals are adopting the photo voltaic system aiming for power financial savings and stability in thoughts, the query is how householders can take pleasure in constant electrical energy financial savings over a time frame. It is usually understood that photo voltaic panels have a lifespan of a minimum of 25 years.
In response to that, he mentioned relying on the dimensions of the photo voltaic panel system and the quantity of power it produces, householders can attain month-to-month financial savings on power payments of as much as 90% and safe a long-term answer spanning 25 years.
Lengthy-Time period Price-Saving Options
“For instance, our residential arm, Vestech Power Sdn Bhd, has launched six EcoHome photo voltaic plans tailor-made for householders with electrical energy consumption wants between 4.5 kilowatt-peak (kWp) and 12.6kWp, or month-to-month electrical energy payments between RM300 to RM800.
“These photo voltaic packages have a venture value starting from RM22,000 to RM48,800. Every plan supplies long-term cost-saving options with financial savings of as much as 90% on electrical energy payments,” he mentioned.
Moreover, a property that includes RE answer tends to extend its resale worth and is considered as extra marketable and enticing to potential and enchantment to acutely aware consumers.
Nonetheless, the price of putting in actually varies relying on the kind of photo voltaic panel, techniques, residential unit measurement and the quantity of power customers need to generate.
In the meantime, for company our bodies, the adoption extends past simply the substantial power value financial savings but in addition helps to manage electrical energy bills, scale back reliance on non-RE sources and indicate a optimistic firm picture.
“Wanting on the authorities’s leisure of allowable capability circumstances to as much as 85% of most power demand for medium voltage industrial and industrial (C&I), and residential customers, additionally it is anticipated to lead to substantial power value financial savings,” Chong added.
He mentioned companies that speed up photo voltaic transition profit themselves in a method that maximises their company return on funding, actively contributing to the preservation of the atmosphere, whereas concurrently projecting a picture of social accountability and sustainability, thus amplifying company status.
“For Solarvest, companies are given a possibility to undertake clear power with out the necessity for any preliminary capital outlays and supply versatile and budget-friendly photo voltaic options. We provide a collection of aggressive monetary fashions, tailor-made to suit company budgets and to maximise returns on RE investments,” he added.
Malaysia is transferring in a transparent route within the clear power transition together with the Nationwide Power Transition Roadmap (NETR) offering varied incentives corresponding to rebates, grants and low-interest loans to encourage the adoption of photo voltaic power techniques and likewise
scale back the preliminary set up prices. Malaysia additionally plans to construct Asean’s largest built-in photo voltaic PV plant whereas a brand new mechanism to be launched for householders, that enables households to earn earnings by leasing out rooftops for photo voltaic panel installations.
As outlined by NETR and given the feasibility of photo voltaic power in Malaysia, the introduction of Built-in RE Zone and Photo voltaic Park initiatives won’t solely increase the photo voltaic power sector but in addition facilitate third-party entry mechanism, driving power market liberalisation and competitors.
“The open market will foster larger engagement from impartial energy producer buyers, driving inexperienced innovation and in the end benefiting shoppers,” Chong mentioned.
The federal government’s imaginative and prescient can be to see photo voltaic panels put in nationwide, together with atop houses, mosques, halls and factories.
“Moreover, we applaud the choice to scale up the set up of photo voltaic techniques in authorities buildings and the event of inexperienced townships,” he added.
In keeping with Chong, as a C&I participant, the federal government has been supportive of fostering inexperienced investments inside the enterprise panorama and Solarvest is benefitting from the extension of the Inexperienced Funding Tax Allowance and Inexperienced Revenue Tax Exemption incentive interval from three to 5 years till Dec 31, 2025.
Amongst different initiatives that may foster photo voltaic progress is the supply of RM2 billion in financing from Financial institution Negara Malaysia (BNM) to help inexperienced tech start-ups, and small and medium enterprises (SMEs) to implement low-carbon practices, in addition to the Implementation of Inexperienced Expertise Financing Scheme with an elevated allocation of RM3 billion till 2025.
“The federal government additionally elevated allowable capability for photo voltaic PV techniques beneath the Internet Power Metering (NEM) and Self-Consumption for Photo voltaic PV Set up (SelCo) programmes from 75% to 85% of most demand,” he mentioned.
Nonetheless, for residential or corporates, putting in the panel generally is a advanced and daunting course of as a large preliminary funding is required.
Subsequently, except for the personal function in reducing the preliminary value and to encourage extra adoption of the solar energy system, Chong mentioned the federal government incentives are additionally important to encourage the utilization of photo voltaic within the residential phase.
Customers additionally want to contemplate the evaluation facet for the suitability of the rooftops, taking into account shading, rooftop space, restrictions on roof design and the construction of the roof to help the photo voltaic panels.
“The intermittent nature of photo voltaic power technology as a consequence of elements like various climate circumstances and night-time hours can have an effect on constant power provide, necessitating efficient power storage options,” Chong mentioned.
In Malaysia, among the many largest gamers in photo voltaic set up consists of Solarvest, Plus Xnergy, Armani Power Sdn Bhd, SOLS Power Sdn Bhd and GSPARX Sdn Bhd, amongst others.
As of 2020, Malaysia has a photo voltaic PV capability of 1.5 gigawatts (GW), making it one of many largest photo voltaic markets in South-East Asia after Vietnam and Thailand.
In the meantime for Solarvest, as of March 2023, Chong mentioned its whole orderbook has reached RM550 million, with RM206 million attributed to each the residential and C&I segments, and he famous that buyers from Kedah, Penang, Selangor and Johor are ver y lively in exploring clear power options.
“We’ve additionally obtained an encouraging response for Powervest as now we have signed C&I tasks totalling roughly 83.6 megawatt-peak by company energy buy agreements,” he mentioned.
General, putting in a photo voltaic system aligns with each particular person monetary pursuits and broader environmental targets, making it a compelling alternative for many individuals in search of a cleaner, extra sustainable power future.
When contemplating the set up of photo voltaic panels, it’s important to conduct a radical cost-benefit evaluation based mostly on the patron’s particular circumstances, together with power consumption, native power charges, out there incentives and the dimensions of the photo voltaic panel system.
Whereas the preliminary funding could appear vital, the long-term electrical energy value financial savings and different monetary advantages typically make photo voltaic panel set up a smart and rewarding choice.
- This text first appeared in The Malaysian Reserve weekly print version