In support of the Government’s renewable energy initiative, Alliance Bank Malaysia Berhad has introduced Home Complete Plus Solar Panel Financing at the office of the Sustainable Energy Development Authority (SEDA) in Putrajaya. The launch event was graced by Yang Berhormat Datuk Seri Panglima Dr. Maximus Ongkili, the Minister of Energy, Green Technology and Water.

“There has been much discussion about “renewable energy” in our world today. Here in Malaysia, we are fortunate that the Malaysian Government is far-sighted in understanding the need to adopt green technology,” said Sng Seow Wah, Group Chief Executive Officer of Alliance Bank.

Yet, contribution from renewable sources such as solar for electricity generation remains low due, in part, to cost of installing a solar photovoltaic (PV) panel at home. To date, there is no specific financing package available for home owners who are keen to install this device.

In his speech, the Minister commended Alliance Bank for taking the first mover’s risk by being the first Bank in Malaysia to offer financing solution for solar panels in the homes. He believed that this initiative will spur the organisations to participate in promoting the use of Solar PV in residences.

The Alliance Bank Home Complete Plus Solar Panel Financing is an innovative financing solution which offers Mortgage customers financing solutions for home improvements where needed. It is a personal loan facility to finance the installation of solar panels at very competitive terms.

One of the key highlights of the Home Complete Plus Solar Panel Financing solution is that the monthly repayment of the facility could potentially be self-funded once the Feed-in Tariff (FiT) mechanism is in place, thereby ensuring a positive cash flow upon the first FiT payment. To install their homes with the solar panels, customers are required to pay a low down payment of 10 per cent of the entire cost of the solar panels.  Alliance Bank will provide up to 90 per cent financing for eligible borrowers.

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