As the business environment experiences the impact of COVID-19, corporate organisations have identified the need for more sustainable resources to prolong business sustainability. While the pandemic has disrupted economies worldwide and delayed the progress of clean energy, the International Energy Agency (IEA) projected these effects to be temporary as the use of fossil fuels are expected to decrease.
Renewable energy sources are looking to become the world’s largest source of electricity by 2021, as it would supply one-third of the world’s electricity. To achieve a carbon-free power sector by 2035, countries will be prepping for more investments and resources to be made towards sustainable energy solutions such as solar, wind, energy storage and more.
In Malaysia, the Budget 2021 highlights sustainable initiatives in line with the United Nations’ (UN) Sustainable Development Goals (SDGs), which puts Malaysia in the right frontier alongside leading nations. As a leading clean energy solutionist in Malaysia, Plus Solar has identified three key trends based on our Energy Trilogy – Energy Generation, Energy Efficiency and Energy Storage that will act as catalysts for the industry.
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Here are the areas that will also continue to be a factor for business owners to pivot towards clean energy:
Despite the pandemic, energy was found to be one of the main operational costs by business owners, along with payroll, rent and raw material. Solar has proven to be a cost-effective solution as it provides benefits such as the shortened payback period of 10 years to 3 years, reduction in carbon emissions and improvement in overall energy consumption.
While the pandemic has lowered the global level of carbon emissions, the global temperature still needs to fall by about 45 percent from 2010 levels by 2030. The global race to reach a ‘net zero’ around 2050-meaning that any remaining emissions need to be balanced by removing CO2 from the air, according to the UN.
As solar energy does not emit any carbon emissions, it is not just a sustainable resource for business owners for the organisation’s future but a way to contribute to a lower carbon environment.
Solar PV panels have become more affordable due to the massive development of technology and competition. As such, solar PV systems have become more accessible to individuals in terms of pricing, investments and the green financing solutions.
To solve this issue, financial institutions are increasingly highlighting and building upon their green financing solutions, to provide more accessibility to individuals to invest in RE. As business owners face the challenges in making initial investments in solar energy, financial institutions recognise and are continuously improving and innovating their solutions to better suit individuals looking to grow their business. In addition to financial institutions, industry players within the RE industry have been increasingly initiating partnerships to drive a higher adoption of RE.
In light of the focus of Budget 2021 to move towards a sustainable economy, Malaysia is looking to stimulate job creation, initiatives that position the nation on a regional and global frontier, as well as conservation of resources. With the goal to encourage sustainable living, the first sustainability bond in Malaysia for environmental and social initiatives was introduced, the government tax allowances and the dedication to meet the UN SDGs, clean energy will see a wide adoption despite the pandemic, positioning the nation to join leading nations as a green leader.
Plus Solar Systems is the nation’s leading total clean energy solutions company. We believe in the Energy Trilogy – Energy Generation, Energy Efficiency and Energy Storage which firms our passion and goal towards providing clean energy solute ions for a better future. To date, we have completed over 200MWp in solar photovoltaic (PV) system installation services all over Malaysia. Our clients include but are not limited to IKEA, Petronas, Sunway, Secret Recipe and PKT Logistics.
On top of that, Plus Solar is the first solar company in Malaysia that provides AIoT solutions that enable business owners to source smart energy savings at the touch of their fingertips.
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In Plus Solar, we believe in powering sustainable growth. Through offering world-class solar PV solutions, we aim to provide the highest solar PV development standards while making the switch to cleaner energy. A simple and effortless process for our customers.