Plus Xnergy Holding Sdn Bhd aims to outfit 2,000 houses with solar power systems in the next 12 months, and up to 5,000 by the second year.
Its group chief executive officer (CEO) Ko Chuan Zhen said there is much room for adoption potential as there are over 3.2 million residential properties in Malaysia.
He said the company aims to hasten the adoption of solar solutions with a first-in-the-market solar rent-to-own programme that would grant long-term savings to the Malaysian household.
"The programme is touted to save up to 90 per cent of a household's monthly electricity bills. Instead of monthly grid electricity payments, users can now divert this expense to offset the solar setup's cost, resulting in minimal to zero increases in monthly expenses," he said in a virtual launching ceremony yesterday.
After rental payments of about RM388 per month for five years, the solar setup will be owned by the residents.
"Within the period of repayment, the operations and maintenance costs are borne by us, removing any hidden costs," said Ko, adding that it has a warrantied performance period of up to 25 years.
Ko said despite the ongoing pandemic, the company is optimistic about the market growth and is projecting revenue growth of RM500 million in three years.
Plus Xnergy Services CEO Thang Chee Keong said the company is also targeting building owners.
"One of the greatest challenges for businesses is high overheads and operating expenses such as rent and electricity. We offer a solution that lowers operating expenses but at zero upfront cost. This would be through a power purchase agreement which is made between Plus Xnergy and business owners," he said.
Thang said through a PPA, businesses can optimise cash flows via recurrent savings from lowered electricity tariff at zero upfront capital expenditure over a 15 to 20-year lease-to-own tenure.
"Once the tenure matures, adopting businesses gain full ownership of the solar setup," he added.