The Ministry of Energy Transition and Water Transformation in Malaysia is teaming up with private and public partners in the country to offer citizens financial incentives and discounts when adopting solar. It follows a government rebate scheme introduced in April.
Malaysia’s Ministry of Energy Transition and Water Transformation (Petra) is launching a scheme to incentivize citizens and private organizations to adopt solar energy.
The Solar@PETRA Initiative, also known as the Energy Transition Solar Initiative for the People, is a joint venture between Petra, Aeon Group, Malaysian solar energy company Sols Energy and BSN, a government-owned Malaysian bank.
The scheme will offer subscriptions for citizens installing solar at Aeon branches. Government employees will be offered solar financing facilities with competitive interest through Sols Energy. Meanwhile, a solar subscription facility based on a zero capital model will be available to domestic solar users using BSN.
Malaysia’s Deputy Prime Minister, Datuk Seri Fadillah Yusof, said the program is designed to expand domestic users’ access to solar installation schemes and available financing facilities in the market.
He added it complements the solar rebate program introduced by the government in early April, which is being implemented by state-owned utility Tenaga Nasional Bhd.
Malaysia had installed 1,933 MW of solar by the end of 2023, according to data from the International Renewable Energy Agency. Last month, the country's fifth large-scale solar tender was announced, including up to 2 GW available for rooftop, ground-mount, and floating solar projects.