Amalan Setar teams up with AFFIN BANK to offer solar financing packages to homebuyers

• SolaRIS is currently offering homeowners a one-off RM4,000 cash rebate upon installation of solar photovoltaic (PV) systems to power their homes. This is a change in policy from the government’s previous initiative of RM2,500 in tax relief.

RAWANG (April 16): Homeowners of Amalan Setar Sdn Bhd’s Sari Alamanda projects in Rawang can look forward to extended financing choices from AFFIN Solar Financing-i to facilitate the installation of Vasolar solar panels in their new homes.

Amalan Setar is expected to hand over 200 affordable housing units in Rawang this year, with a further 800 to 900 units expected to be completed and sold over the next couple of years. Its Sari Alamanda series of double-storey terrace houses marks the forefront of the collaboration with AFFIN BANK and Tera Va Sdn Bhd, which carries the Vasolar product.

The partnership, which was marked in an event today, focuses not only on reducing carbon footprint but also on ensuring long-term cost savings for homeowners.

“The perception of buyers is that switching to solar power is very costly but the collaboration will demonstrate that sustainability can be affordable,” Amalan Setar director Datuk Adrian Soon told EdgeProp. 

“AFFIN has introduced a very attractive financing package and we have an optimal product from Vasolar that fits the type of housing we develop. Ultimately, education plays a key role in empowering buyers to make the switch,” he added.

On top of financing solutions and the cost savings in electricity bills, owners can aim to achieve a more positive cash flow by taking advantage of Tenaga Nasional Bhd’s Solar for Rakyat Incentive Scheme (SolaRIS) scheme.

SolaRIS is currently offering homeowners a one-off RM4,000 cash rebate upon installation of solar photovoltaic (PV) systems to power their homes. This is a change in policy from the government’s previous initiative of RM2,500 in tax relief.

Through AFFIN BANK’s Solar Financing-i, homebuyers will enjoy a fixed repayment term with a maximum loan period of 10 years. 

“This means that purchasers do not have to worry about overnight policy rate fluctuations. To encourage adoption of solar panels among homeowners, we are not just focusing on low monthly instalments but also zero entry costs,” AFFIN BANK managing director of mortgage business Jessie Wong told EdgeProp.

(Read also: AFFIN Bank offers financing to go green)

With government subsidies being removed and SST (sales and service tax) increasing, electricity costs are anticipated to rise nationwide. 

“Households using over 1,500 kWh of electricity might see up to RM150 extra in their bills. Switching to solar PV systems provides Malaysians with a viable alternative to power generation that can reduce their costs of living by a minimum of RM1,000 to RM1,500,” Tera Va managing director Michael Leong told EdgeProp. 

Vasolar offers a 30-year performance warranty and a 10-year inverter warranty. Its goal is to equip up to 3,000 homes with solar panels this year, Leong added.  

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