In response to the scorching heat wave gripping Malaysia, homebuyer enquiries for properties equipped with solar panels have surged, as revealed by new data from Kuala Lumpur-based IQI, a member of global proptech Juwai IQI.
Despite the relatively small number of solar-powered homes available for sale, enquiries for such properties have increased by 17% this year compared to those without solar panels.
Moreover, buyers are showing a willingness to pay a premium for homes with installed solar panels. Analysis of tens of thousands of 2023 transactions in Malaysia indicates that buyers paid between 5% to 7.5% more for homes equipped with solar panels compared to the median price.
Juwai IQI Co-Founder and Group CEO Kashif Ansari emphasized the financial benefits of solar energy for homeowners. With an estimated monthly savings of RM85, even during scorching 40-degree days, homeowners can achieve significant reductions in their electricity bills.
The installation of a 4kWp solar power system, costing between RM50,000 to RM60,000, typically pays for itself within four to six years, with ongoing savings for over three decades.
Ansari highlighted a case study of a homeowner who saw a drastic reduction in his electricity bills after installing solar panels, paying almost nothing for electricity in most months.
Additionally, the decreasing cost of solar panel installations, from RM15,000 per kilowatt in 2016 to the current rate, makes solar energy increasingly accessible to homeowners.
Amidst the relentless heat wave affecting Malaysia in 2024, homeowners with solar panels are finding respite while keeping their energy costs low. As temperatures soar and heatwaves intensify, solar energy offers a sustainable solution to staying cool for less.
The growing adoption of solar energy extends beyond individual homes to townships and major developments. New townships near Kuala Lumpur are incorporating solar panels into hundreds of homes, while major developer Sime Darby Property has committed to installing solar panels on over 1,000 homes in Shah Alam, Selangor.
Looking ahead, Malaysia’s solar energy sector is poised for significant growth, with flagship projects in the green energy transition plan expected to attract over RM25 billion of investment and create 23,000 jobs.
IQI anticipates a future where every new home in Malaysia will be equipped with solar panels by 2035, offering homeowners substantial energy savings and contributing to Malaysia’s renewable energy targets.
Furthermore, leveraging more renewable energy sources could result in substantial savings for Malaysia, potentially amounting to US$13 billion annually by 2050, according to a report from the Ministry of Natural Resources, Environment and Climate Change.
With solar energy paving the way for sustainable and cost-effective solutions, homeowners across Malaysia are increasingly embracing this renewable energy source to combat rising temperatures and soaring energy costs.
