Solar energy investment is no longer the future, it is here today. The last several years have seen solar energy mature in Malaysia from a frontier technology to a cost effective solution for customers. As a result, installations of solar have skyrocketed, along with the investment needed to keep up.
The government of Malaysia has introduced various incentives and strategies to encourage the growth of the renewable energy sector and the increase in rate of investment in solar energy in Malaysia.
Given Malaysia’s location in the equatorial region, where sunshine is in abundance all year round, solar energy is naturally positioned to play a crucial role in the future energy mix of the country.
Demand for solar energy is expected to rise as consumers and businesses become increasingly aware of its benefits not just to the environment but also to the economy. This is a strong indication that investment in solar in Malaysia is extremely beneficial.
According to the Sustainable Energy Development Authority of Malaysia (SEDA), as of July 2016, 9,406 applications out of 9,586 approved applications for the investment of solar in Malaysia under its Feed-in-Tariff programme were for solar PV alone. About 95% of the applications were for small installations of less than 72kWp.
The Net Energy Metering (NEM) mechanism and various large-scale solar programmes that have been announced will likely boost the number of solar power plants and demand in the coming years. This also shows that there is growing acceptance for solar energy from the general public.
As the solar workforce grows, the cost of technology comes down and with consumer savings on the rise, now is the time to expand the clean energy marketplace and provide everyday Malaysians with the opportunity to invest in our future.