Residential property owners can earn an average of RM500 a month for over 21 years if they install a solar panel system in their homes.
The return on investment is given if the electricity produced at these homes is sold to Tenaga Nasional Berhad (TNB), the Sustainable Energy Development Authority (Seda) said Friday.
Seda chairman Tan Sri Dr Fong Chan Onn said the cost for installing these green energy panels ranged between RM10,000 and RM12,000 per kilowatt.
The RM500 incentive is calculated based on energy produced on a four kilowatt solar panel system.
“The main hindrance to move massive public involvement in using solar energy is in the capital cost.
“The board has so far received fewer than 1,000 applications for the project,” Dr Fong told a press conference here to promote the use of solar energy.
As for other initiatives to encourage greater public participation in the use of renewable energy, he said the board is holding negotiations with financial institutions to provide financing facilities for the purchase and installation of solar panels in residential units, and hosting training programmes for solar panel installers.
“We want Malaysia to come to a stage where our domestic market for solar power will grow and the industry itself becomes an important profession,” he said.
