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Malaysia still has room to improve its clean energy adoption, despite the government’s efforts in this area.
Davis Chong Chun Shiong, executive director of Solarvest Holdings Bhd and chief executive officer, said that the company hopes the government will provide personal income tax relief up to RM10,000 per year for a maximum of 5 years in order to encourage rooftop solar PV systems in the residential market.
He stated that homeowners will be more likely to install solar energy systems if there is a reduction in their initial costs.
The government could also consider an interest-subsidy loan to the M40 group as well as an interest-free loan for the B40 group that is participating in the Net Energy Metering rooftop solar program.
He said, “These financing schemes will further enhance the uptake of solar energy in residential markets.”
Chong also suggested that the government provide tax incentives, such as Green Income Tax Exemption and Green Investment Tax Allowance for property developers who integrate solar PV panels into their residential developments.
He stated that “the involvement of property developers would stimulate wide-scale adoption of solar energy in the residential sector.”
Chong suggested that the government might also consider establishing a peer-to-peer energy trading platform for consumers and prosumers to trade excess solar PV electricity directly without intermediaries.
The growth of the P2P platform, which enables secure and transparent transactions, will encourage the greater deployment of solar energy as well as the reduction of energy flow congestion within the grid.
He said, “As such this can increase energy and economic resilience by reducing the need for costly grid expansions in later phases.”