Hopes for incentives for solar installations

KUALA LUMPUR: Solarvest Holdings Bhd hopes the government will come up with more initiatives to boost the uptake of solar photovoltaic (PV) installations in residential homes in the upcoming 2020 Budget.

In a statement today, Solarvest group chief executive officer, Davis Chong Chun Shiong said the installation of rooftop solar PV panels offered many benefits for homeowners, including lower electricity bills, ability to generate one’s own clean energy and reducing carbon footprint.

The solar PV system specialist suggested for the government to introduce individual tax rebates of up to RM10,000 for those who install rooftop solar PV panels as this would lower the initial upfront cost and enhance the return-on-investment for homeowners.

It also suggested for the Green Technology Financing Scheme (GTFS) 2.0 — currently only available for companies — to be expanded to include residential owners.

“Under GTFS 2.0, applicants are entitled to a two per cent rebate per annum on interest on bank loans for the installation of solar PV panels.

“For homeowners applying for the GTFS 2.0, the minimum processing fee should be lowered to RM1,000 from the current RM8,000 for companies,” he said.

Chong said the government would be able to accelerate its target of achieving 20 per cent renewable energy capacity mix by 2025 when homeowners actively make the switch to renewable energy too. – Bernama