Clean energy specialist, Solarvest Holdings Berhad (Solarvest) has established a subsidiary, Vestech Energy Sdn Bhd (Vestech) to focus on providing solar solutions to the residential segment in an effort to enhance solar adoption rate among homeowners.
Through Vestech, Solarvest has launched six EcoHome solar plans tailored for landed house homeowners with average monthly electricity bills starting from RM300 and above. The EcoHome solar plans come with solar system size ranging from 4.5 kilowatt-peak (kWp) up to 12.6 kWp. Each of the plans provides long-term cost-saving solutions with savings of up to 90% on electricity bills.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “As sustainable living and climate awareness have been a fast-growing trend among Malaysians, our Group has experienced a greater demand for solar PV system in the domestic market. We are delighted to introduce Vestech as it better serves homeowners needs with direct access to a clean energy source. This targeted focus in the solar residential market shall complement our commercial and industrial (C&I) and utility-scale solar services, where we have an existing strong presence. Ultimately, our goal is to establish and maintain a leadership status within the EPCC market in all three segments.”
Under Net Energy Metering (NEM) Rakyat scheme introduced by the Sustainable Energy Development Authority (SEDA), there are still 51.9 megawatts of quota currently available.
“With inflation rapidly becoming a major concern these days, we believe consumers are more open to ways of cutting their expenses. For those living in landed properties, the installation of solar PV panels is an attractive method to do so. Coupled with attractive financing facilities such as the zero upfront payment solution that removes the cost entry barrier, we target to potentially attain an installation of 2,000 residential solar projects per year.”
“In addition, we are planning to encourage the adoption of solar energy by expanding the coverage of Powervest, our solar financing platform, to domestic users in the future. Eventually, our aim is to extend the flexibility of Powervest financing solutions into our overseas ventures in 5 ASEAN countries and Taiwan. This strategic plan will contribute positively to our efforts in expanding our market presence in these growing economies.”
“Through Vestech, we are offering people direct access to a clean energy source and the chance to contribute tangibly towards the nation’s net zero emission target by 2050 as set out by the Government,” Mr. Davis concluded.