KUALA LUMPUR: Solarvest Holdings Bhd is hopeful the government will enhance the uptake of solar Photovoltaics (PV) installation in residential homes.
Group chief executive officer Davis Chong Chun Shiong said there are many benefits for home owners to install solar PV panels on rooftops which include lower electricity bills, ability to generate one’s own clean energy and reduced carbon footprint.
Davis is hopeful that in the upcoming Budget 2020, the government would implement individual tax rebates of up to RM10,000 for those who install solar PV panels on house rooftops and expand eligibility of green technology financing scheme (GTFS) 2.0 to residential owners.
He said tax rebate will lower the initial up-front cost and enhance the return-on-investment (ROI) period for home owners.
On the GTFS 2.0 eligibility, he said home owners applying under the scheme with minimum processing fee should be lowered to RM1,000 from the current RM8,000 for companies.
Under GTFS 2.0, applicants are entitled to a 2.0 per cent rebate per annum on interest taken on bank loans for the installation of solar PV panels.
"We believe that when home owners also actively make the switch to renewable energy, this will accelerate the government’s target of achieving 20 per cent renewable energy capacity mix by 2025,” he said.
He further said the company applauded the government’s efforts to encourage the use of renewable energy in Malaysia by introducing incentives such as the green technology financing scheme, green investment tax allowance, and green income tax exemption.
These initiatives have led to strong positive growth in the adoption of solar photovoltaic systems, especially amongst the commercial and industrial segments.