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Soft loans for solar panel purchase by year end

KUALA LUMPUR: The Ministry of Energy, Green Technology and Water is currently in talks with Bank Negara Malaysia (BNM) on the possibility of providing soft loans for consumers to purchase solar photovoltaic (PV) panels.

Solar panels for one kilowatt peak would cost about RM15,000.

"For a standard house, between three to four kilowatt peaks are needed, which amount to between RM45,000 to RM60,000," the ministry's Undersecretary, Sustainable Energy Division Badriyah Abd Malek said on Tuesday, June 7.     

"We are still in talks with the central bank, and will be meeting again next week," she said.

She was speaking to reporters after the launch of the green building index (GBI) industrial new construction tool and industrial existing building tool here.

Badriyah said the ministry is looking at an interest rate of between four to five per cent for the loan, adding, banking institutions have shown keen interest in providing it but need guidelines from BNM.

The ministry hopes that the facility could be provided by year-end.

Such an initiative, she said was also in line with the Feed-in-Tariff, a mechanism where energy from Renewable Energy sources produced by independent producers and individuals, can be sold to the grid at a retail price for a fixed period of time.

"This means if the household can produce enough power to be supplied to the national grid, it can help pay off the loan," she added. — Bernama

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