Cost for Solar Panel Installation

Malaysian homeowners or property owners now have the chance to generate electricity and actually get paid for it by TNB. This is possible under the Malaysia FiT System, which aims to promote the development of Renewable Energy. While there are various choices of RE sources, Solar PV seems to be the most feasible option for most residents in Malaysia. But one question that quickly comes to mind if you intend to put up solar panels in your home would probably be the cost. How much would it cost you to install solar panel? Cost for Solar Panel Installation The above image is a sample set of home solar PV which is expected to cost around RM60,000. It may sound a little expensive, but considering the long-term profit Malaysia FiT offers, return of investment surely looks favorable. Based on studies, a 2-storey residential house with 4kWp Solar PV System (Roof Integrated) installed, which costs RM50,000 in 2013, is expected to have 12.24% rate of ROI. That only takes a little over 7 years for the payback of the system assuming that the system yields 1250kWh/kWp/annum totalling 5,000kWh/annum (total system yield). If you’ll manually calculate it, it’ll goes out as: RM1.13 + 0.24 = RM1.37/kWh which gives a revenue of RM6,800 per annum
where:
  • Installed capacity up to and including 4kWp with a qualified FiT Rate of RM1.13;
  • Additional for installation in buildings/building structures with a qualified FiT Rate of +0.2392 (computation above is rounded off to 0.24).

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The exact cost for solar panel installation, though, will still depend on various variables that greatly affects the price. If your home is off-grid, costs may be different as you will need to have additional PV System Components such storage batteries, charge controller, and monitors. You will then need to know how much energy your home will be using and the number of batteries you will need for storage. You’ll also most likely have a backup generator to help maintain your battery life, thus, protecting a part of your investment. If your home is on-grid, before you can get an estimate of the cost, you first need to know your objectives in installing solar panels. If you’re searching for self-reliance during a grid outage, installation might cost you a little more for the batteries and charge controller that are sized according to the days you’ll need before grid energy becomes available again. Now, if you’re aiming for a zero-energy residential home where your solar PV offsets your energy consumption on a yearly basis, then you might want to look into your electricity bill and get your average kWh usage per day to get the size of solar panel that you need. A lot of people think that the size of solar panel and its cost depends on the size of their homes, when in fact, it’s not. The size of your solar panel and its costs actually depend on how much your average electricity usage is, how much electricity you wanted to offset, and the solar resource in your location. With all these in mind, you will be able to get an estimate of how much would it cost you to install solar PVs.

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