Good news for homeowners in Malaysia who are planning in having and owning one of the sources of renewable energy – the Solar PV Panels.
Alliance Bank Bhd, one of Malaysia's top banks, has taken its move by offering loans to individuals who wanted to install Solar PV Panels at their homes. The bank, in collaboration with SEDA Malaysia, has launched their "Home Complete Plus – Solar Panel Financing" yesterday, June 16th. They're the first in the country to provide this type of loan, which aims to give affordable financing scheme for Solar PV Panels at a lower interest rate.
The bank offers up to 90% financing for eligible applicants, leaving only 10% of the entire cost of the panels to be paid by the customers for downpayment. The bank are extending a financing option to those who choose to integrate green technology into their homes. By introducing this solution, it assists Malaysian to participate in the green movement by managing usage of their utilities effectively.
A lot of individuals have been delaying their plans of installing these panels not just because of its high costs, but also the difficulty in getting loans. It will cost RM50,000 for a typical 5kW system, which is actually beyond the financial capability of an average homeowner. With Alliance Bank Bhd's Solar Panel Financing, Energy Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili, have high hopes that it will urge different organizations to promote Solar Panel use in various residences.
Since the implementation of Feed-in-Tariff in December of 2011, the Solar PV sector had 1,297 applications approved by SEDA Malaysia.
This number might look small, but it actually translates into 1,079 individual rooftops in Malaysia and this is a significant increase compared to a little more than 100 houses in 2011.
Monthly repayment of the financing facility could also be offset through Feed-in-Tariff payment. Click here for more information or discuss this program with an expert.