Solarvest seeks more incentives in Budget 2021 for solar leasing activities

KUALA LUMPUR, Oct 29 -- Solarvest Holdings Bhd hopes for more incentives from Budget 2021 especially by way of tax exemption for solar leasing activities, to spur investment interest in the industry,

“We hope the 10-year 70 per cent income tax exemption for solar leasing activities will follow through as it has definitely helped spur interest and encourage more commercial and industrial participation in the adoption of renewable energy,” Solarvest’s group chief executive officer, Davis Chong Chun Shiong said.

Budget 2021 is scheduled to be tabled on Nov 6, 2020.

The company also hopes for more programmes such as the Supply Agreement of Renewable Energy, to promote power purchase agreements (PPA) among the corporates and drive higher investments and adoption of the solar industry.

It further called for continuous rollout of large-scale solar (LSS) programmes such as the LSS@MEnTARI that offers 1,000MW quota worth RM2 billion, to stimulate growth.

“While the programme has followed through since LSS1, the awarding schemes differ each year. It will be great if there will be some standardisation in the distribution of quotas and the scale of the programme.

“We hope the upcoming LSS programme will adopt similar structure and scale of LSS@MeNTAR where the distribution of projects is more spread out and enables more industry players to benefit from this programme,” Chong said.

Solarvest’s 2021 budget wishlist includes incentives for government-linked companies and allowances for higher learning institutes, for solar adoption.

“We believe the adoption of solar energy in learning institutions will not only save electricity bills but also to promote the sustainability cause and to introduce the importance of Environmental, Social and Governance (ESG) right to the roots,” said Chong.

He also suggested that property developers be given tax incentives and special quota to install photovoltaic (PV) solar panels for their home projects.

“Having property players on board will accelerate growth in the residential segments,” he added.


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