Driven by growing demand for sustainable clean energy within the country
Leading solar company in Malaysia, Progressture Solar is confident and foresees a substantial window of growth opportunities for sustainable energy within the country, particularly in solar energy. Given this conviction, the management team is optimistic that they will be able to deliver a good performance in the financial year of 2021/2022 (FY21/22) despite headwinds due to the COVID-19 pandemic and lockdowns in the first half of this year.
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A key factor contributing to Progressture Solar’s belief stems from its confidence in the public’s increasing awareness when it comes to issues pertaining to sustainability, and their openness to seek out more information on clean energy – particularly among business owners, driven by the growing emphasis on environmental, social, and governance (ESG) criteria by various authorities and institutions. For instance, some banks or commissions may include ESG criteria as part of their conditions for specific loans or approvals, which has urged business owners to also invest in environmentally sustainable work practices and energy resources. In turn, this has led them to seek out solar energy as one of the more viable options.
Progressture Solar also opines that more Malaysian individuals and businesses are transitioning towards solar energy due to its cost saving benefits. Several commercial building owners have recognised up to 85% in reduction in monthly utility bills.
The co-founders of Progressture Solar, Cliff Siaw and Ng Yew Weng 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 ten 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.“
Cliff and Yew Weng further noted that many businesses will be further motivated by incentives and programs initiated by the Government. “The government has just mentioned last month in September that it is developing a domestic emission trading scheme (DETS) to serve as a catalyst for the country’s carbon trading sector, in a bid to support the fight against climate change. There was also recent announcement that the government is committed to introducing policies – along with tax and non-tax incentives – for the green economy in the upcoming Budget 2022. If these policies are passed, then the nation is hopeful to achieve its 20% renewable energy target set under the Malaysia’s National Renewable Energy Policy,” they said.
The company views this as a great opportunity to deepen its presence and impact across industry sectors and potentially, positioning Progressture Solar as a cleantech energy solutions provider delivering turnkey solutions from engineering, procurement, construction, commissioning, investment for solar PV energy and energy management solutions.
Ultimately, Progressture Solar is urging all Malaysian business owners to consider transitioning to renewable energy options to contribute to their efforts in climate change and ESG in addition to the monetary benefits of cost reduction in their operational expenditures.
SOURCE Progressture Solar (press release)
