Putrajaya, Monday (10th June 2013): YB Datuk Seri Panglima Dr. Maximus Johnity Ongkili, the new Minister of Energy, Green Technology and Water (KeTTHA) today launched a new solar photovoltaic (PV) financing package offered by Alliance Bank with the support from Sustainable Energy Development Authority Malaysia (SEDA Malaysia) to encourage homes to install the solar PV system. This will boost the Solar Home Rooftop Programme launched by SEDA Malaysia in September 24, 2012 in an effort to increase public participation in the Feed-in Tariff (FiT) mechanism strategy employed by the Government to boost the growth of renewable energy in Malaysia. As at end of April 2013, SEDA Malaysia has approved 1,079 Feed-in Approval (FiA) applications with a total capacity of 14.63MW for individuals. Datuk Seri Panglima Dr. Maximus Johnity Ongkili in his speech said SEDA Malaysia is tasked to create a conducive renewable energy (RE) business environment and develop the industry under the Strategic Thrust 2 of the National Renewable Energy Policy and Action Plan. Financial limitations have been cited as one of the factors that discouraged many home owners from participating as renewable energy producers as currently there is no specific financial package to cater for this. Home Complete Plus is a personal facility to finance the installation of Solar PV on the roofs, with up to 90% financing of the solar PV system. The average cost for a 4kW solar PV system is around RM 40, 000 and through the FiT, it is expected to generate an average monthly income for the participating home owners of between RM500-RM600 for 21 years, based on the renewal energy power purchase agreement (REPPA). Chairman of SEDA Malaysia Tan Sri Dr Fong Chan Onn also explained that SEDA Malaysia has been working closely with Bank Negara to encourage banks to establish affordable financing packages for RE projects, and in particular on solar PV for individuals. According to Tan Sri Dr Fong, this financing package is important for individual home owners because bank financing is not as easily available to individuals compared with the commercial sectors. Following the first-of-its kind financing scheme by Alliance Bank, the Government expects banking institutions to be more receptive to renewable energy financing as it will eventually lead to the creation of a new business sector for the country. CEO of SEDA Malaysia Pn Badriyah Abdul Malek welcomed the new product, which is branded under Home Complete Plus Solar Panel, by Alliance Bank and for pioneering the solar PV financing for home owners. She anticipates this new financing package will persuade more feed- in-approval applications from individual home owners using Alliance Bank’s reasonable loan rates. The financing package is hoped to pave the way for other local banks to follow suit and also to promote widespread public participation in generating renewable energy from their rooftops. According to SEDA Malaysia, there is still about 6MW of solar PV quota available for individual home owners. Assuming each household applies for 5 kW, the capacity will translate to 1,200 houses with solar PV systems on their rooftops. KeTTHA and SEDA Malaysia urge members of the public to take part in the Solar Home Rooftop Programme so they can be part of the green revolution in the country in an effort to have a more environmentally sustainable future. More information on the FiT and RE is available at seda.gov.my.
Posted on: Mon, 10 Jun 2013 12:55:34 +0000
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