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As more and more of our energy resources are depleted, the world is prompted to reassess how we generate energy. Solar power – converting the sun’s energy to power electricity – is a renewable energy solution that’s gaining demand in sunny countries like Malaysia.

 

Shifting from high greenhouse gas-producing energy sources, such as fossil fuels, to renewable solar energy has many benefits across the board from cost efficiency to green branding opportunities. After all, who wouldn’t want to preserve the environment while also saving long-term costs for their business?

 

Let’s get into the benefits of installing solar panels for your business:

 

Cost Saving And Lowering Energy Expenditure 


Solar panels generate electricity from sunlight, which means that premises can produce their own electricity and reduce reliance on the national grid. This can significantly lower your electricity bills, especially for premises that operate during the day.


There’s also the Net Energy Metering 3.0 (NEM 3.0). The Malaysian Government introduced the NEM 3.0 programme to encourage more installation of PV systems a.k.a solar panels for individual homes as well as government premises and commercial, industrial, agriculture and mining buildings.  

 

Under this programme, any excess energy generated will be exported to the utility grid and will be credited and can be used to offset bill payment for the next Billing Period. This can help businesses save money on their overhead cost in the long run. 

 

 

Tax Incentives for Green Initiatives 

Another government initiative, the Green Technology Tax Incentives encompass several categories – owners of green technology assets, companies with green projects, owners of PV systems, and green service providers.

 

One incentive example is the Investment Tax Allowance (ITA), which can be offset against 70% of statutory income. 

 

 

 

Efficient and Low Maintenance 

Not only does installing solar panels allow you to power your business efficiently and more independently, but transitioning to solar energy will also help to tackle the issue of climate change. According to this source, an acre of solar panels producing zero-emissions electricity saves between 267,526 to 303,513 pounds, or 121 to 138 metric tons of carbon dioxide per year.

 

While the initial investment for installing solar panels may be high, the long-term savings can be significant. Solar panels have a lifespan of 25-30 years, and businesses can save on electricity costs for decades to come. They also usually come with long warranty periods and are designed to withstand different types of weather conditions.  

 

 

Green Branding 

 

There has been an increased demand for green initiatives and ESG efforts from customers, investors and the public. Opting for renewable energy can decrease your overall energy consumption and can be a part of your company’s sustainable initiatives. 

The Solution to the High-Upfront Installation Cost

 

One of the most prominent reasons for companies to stick with the tried-and-true energy production methods (i.e. electricity) is the high upfront cost incurred when installing solar panels.

 

Understanding that this is a barrier to achieving a more sustainable future together, CIMB offers its support in ensuring businesses are able to finance their eco-friendly ventures.

 

CIMB’s SME Renewable Energy Financing scheme is a reliable solution to finance your solar PV system installation.

 

Clean energy efforts are never a waste, which is why CIMB provides support to companies who wish to make a difference with and in their businesses. Applicable for all SMEs with a CIMB property loan, the scheme offers:

 

100% solar panels financing

 

The cost of purchasing and installing your solar PV system is financed entirely under the scheme, countering the drawback of the high upfront costs mentioned earlier.

 

Flexible tenure

 

Sustainability is a long-term effort, and those who apply for the scheme enjoy a flexible tenure of up to 10 years.

 

Competitive pricing

 

Don’t let costs prevent your business from joining the global effort to reduce our carbon footprint. Generate clean, renewable energy today with a scheme that offers competitive pricing.

 

 

This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.

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