Home Bank Islam Business Bank Islam Collaborates with TNB In Promoting Solar PV Ownership for Homes
Home Bank Islam Business Bank Islam Collaborates with TNB In Promoting Solar PV Ownership for Homes

Bank Islam Collaborates with TNB In Promoting Solar PV Ownership for Homes

Aerial view of solar PV panels’ installation

Bank Islam Malaysia Berhad (“Bank Islam”) is partnering with Tenaga Nasional Berhad (“TNB”) and its subsidiary, GSPARX Sdn Bhd (“GSPARX”) to provide financing for solar photovoltaic (PV) ownership for home owners in the country. The partnership is part of the Bank’s green financing journey that focuses on encouraging sustainable business and lifestyle practices.

Bank Islam’s Chief Executive Officer, Mohd Muazzam Mohamed said, “TNB has long been amongst the Bank’s most valued client with a wide range of financial and banking solutions offered to them and their subsidiaries. This latest offering of our personal financing product to GSPARX’s solar PV package customer is an extension of the symbiotic relationship between the three parties.”

“Through this collaboration, Bank Islam is offering up to 100% financing for the purchase of GSPARX’s solar PV package or up to RM300,000 with attractive floating rate of as low as 4.67% (“BR +1.90% p.a”) or fixed rate 4.5% for 3 years accordingly. GSPARX will be offering residential packages which include one (1) year of free maintenance, product and workmanship warranty, 24/7 online monitoring, as well as after-sales services.

“These added values will not only benefit customers but also be instrumental in preserving the planet through promoting renewable energy. It is also a part of our contribution to realising Malaysia’s aim of achieving 20% of renewable energy generation by the year 2025.” Mohd Muazzam added.

TNB President and Chief Executive Officer, Datuk Seri Amir Hamzah Azizan said TNB is at the forefront of renewable energy in Malaysia through its Large Scale Solar Projects in Sepang in Selangor and Bukit Selambau in Kedah, and initiatives like electric vehicle charging stations in collaboration with Malaysia Green Technology Corp (MGTC).

“TNB is actively promoting rooftop solar panels where at the end of last year, we had more than 100 customers – from commercial, industrial, educational, government institutions and residential homes – who have turned into ‘prosumers’, generating clean energy on their premises.

Aerial view of solar PV panels’ installation

“These prosumers are now generating more than 26 megawatts of energy combined. At the same time, they also reap the benefit of potential savings from lower electricity bills, and have the opportunity to generate income by exporting excess energy to the grid under the Net Energy Metering (NEM) scheme.”

Amir also said that rooftop solar panel is still a relatively untapped market in the renewable energy space in Malaysia. Accessing this avenue requires strategic partnerships with corporations such as Bank Islam.

The collaboration with TNB marks Bank Islam as GSPARX’s first solar PV financing partner with aims to encourage the usage of solar panels at homes, subsequently increasing the number of Green Homes and production of sustainable and cost-efficient energy in the country.

Packages offered by GSPARX and expected monthly savings by the installation of the solar panel are illustrated below:

* Saving is dependent on monthly kWh usage that varies between electricity users
** GSPARX also offers packages for solar PV capacity bigger than 12kW

Banking on the United Nation’s (“UN”) Sustainable Development Goals (“SDG”) 7- Affordable and Clean Energy; 11- Sustainable Cities and Communities; 13-Climate Action; 15-Life on land and 17-Partnership for the Goals; Bank Islam is committed to promote sustainable and responsible financing for all.

Interested customers can apply via GSPARX or Bank Islam website through the following EzXcess link: https://www.bankislam.com/ezxcess/

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