Progressture Solar, Malaysia’s leading solar firm, sees a large window of development prospects for sustainable energy, notably in solar energy.
Despite headwinds from the Covid-19 pandemic and lockdowns in the first half of this year, the company is confident that it can produce a strong performance in the financial year 2021/2022 (FY21/22).
A key factor contributing Progressture Solar’s optimism is its belief in the public’s growing awareness of sustainability issues and willingness to seek out more information on clean energy- particularly among business owners.
Cliff Siaw and Ng Yew Weng, the co-founders of Progressture Solar, said more Malaysian companies started switching to solar energy due to cost savings. Several commercial building owners have reported a reduction in monthly power expenses of up to 85 per cent.
Siaw said: “For a time, the payback period for investing in a solar photovoltaic (PV) system can be considerably long – we’re talking about a period of up to 10 years.
“With tax benefits such as the Green Investment Tax Allowance (GITA), businesses are now able to achieve their ROI in approximately three years. On top of that, a substantial saving on their electricity bills will help businesses with their profitability and be able to reinvest those additional savings into growing the business.”
Ng stated the government’s incentives, and programmes would inspire numerous businesses.
“The government has just mentioned in September that it is developing a domestic emission trading scheme (DETS) to catalyse the country’s carbon trading sector, in a bid to support the fight against climate change,” said Ng.
The government recently announced its commitment to introducing tax and non-tax incentives policies for the green economy in the upcoming Budget 2022.
“If these policies are passed, then the nation is hopeful of achieving its 20 per cent renewable energy target set under Malaysia’s National Renewable Energy Policy,” added Siaw.
The company sees this as an excellent opportunity to expand its presence and impact across industry sectors. It positions Progressture Solar as a cleantech energy solutions provider offering turnkey solutions ranging from engineering,
procurement, construction, commissioning, and investment in solar PV energy and energy management solutions.
Moreover, Progressture Solar encourages all Malaysian company owners to explore switching to renewable energy alternatives in ways that contribute to their efforts in climate change and ESG and the monetary perks of cost reduction in their operating expenses. – @Green