An increase in electricity tariffs and a focus on energy savings are expected to drive the adoption of solar energy in Malaysia.
The Malaysia n government needs to explore alternatives to reduce the capital cost of solar energy to make it a viable option if electricity tariff s increase next year. Professor at the Faculty of Economics and Islamic Finance, Universiti Sains Islam Malaysia (USIM), Prof. Datuk Dr. Mustafa Mohd. Hanefah believes that an increase in electricity tariff s will affect all categories of users, both individuals and corporations.
He says that while energy-saving initiatives are expected to accelerate the adoption of solar energy, the capital cost in this sector remains high. He states that it is still uncertain whether users will switch to solar because the cost of installing solar panels in Malaysia is still high, despite the potential for saving on electricity bills and benefiting the environment. He clarifies that there are currently various incentives for users to install solar panels to reduce their electricity bills. However, these incentives are considered less attractive and there are not many promotions. Therefore, solar companies need to intensify their promotions to attract more people to use solar energy, thereby reducing electricity consumption. Meanwhile, Kenanga Investment Bank Bhd. says that rising electricity costs and the need for companies to report energy-saving initiatives are expected to accelerate the adoption of solar energy in 2025. The investment bank, in its research note, says that this move will drive the value of contracts in the hands of solar engineering, procurement, construction, and commissioning (EPCC) players to record highs. According to them, key drivers include RM2.4 billion worth of EPCC contracts from the 800 megawatt (MW) Corporate Green Energy Program, with revenue recognition starting in the first quarter of 2025, and RM5 billion worth of EPCC bids for the fifth large-scale solar (LSS5) round expected to be awarded during the same period
Solar Energy Electricity Tariff Energy Savings Investment Malaysia
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