FRIDAY, March 01, 2024

KBank offers free solar rooftop installation for 500,000 households

KBank offers free solar rooftop installation for 500,000 households

KBank continues to advance the ‘GO GREEN Together’ project, working with four partners in launching the ‘SolarPlus’ initiative, targeting the installation of solar rooftops for 500,000 households free of charge within five years.

To further implement the GO GREEN Together project, Kasikornbank has teamed with four partners, i.e., Electricity Generating Authority of Thailand, PEA ENCOM Smart Solution Limited, Supalai Public Company Limited, and INNOPOWER Company Limited, to unveil the SolarPlus project to support the Thai public’s use of clean energy.

The first effort of its kind in Thailand, the SolarPlus project aims to install solar rooftops for households for free to allow the general public to generate and sell electricity.

In the initial stage, the project will be implemented at Supalai housing estates.

Targeting installation of solar rooftops for 500,000 households within five years, KBank is prepared to provide a 50 billion Baht in loan facility to solar power developers.

The project is expected to help reduce greenhouse gas emissions by 2.3 million tons of carbon dioxide equivalent per year while encouraging Thais to embrace clean energy in alignment with Thailand’s net zero goals.

Pitpit Aneaknithi, KBank President, said, “To pioneer a comprehensive Green Ecosystem in Thailand, KBank recently unveiled the GO GREEN Together project. We have introduced various products and services to support this project, including a business loan for solar panel installation, Green Home Loan, EV car loans, and EV bike rental service, together with battery charging points at KBank branches. Along with this, KBank has joined with our partners to implement numerous projects encouraging Thais to embrace the green lifestyle with ease.”  

( LEFT-TO-RIGHT )Tritecha Tangmatitham , Khemmarat Sartpreecha , Pitpit Aneaknithi , Jiraporn Sirikum , Athip Tantivorawong

In cooperation with four essential business partners, KBank recently launched the SolarPlus project, which aims to promote the use of clean energy among Thai people.

The SolarPlus project has been designed for those interested in solar rooftop installation but is hesitant due to high investment costs, long payback period, and maintenance expenses.

This project is the first of its kind in Thailand to offer residential households free solar rooftop installation for electricity generation and sale.

In addition, the homeowners are not required to invest or pay any maintenance fees while benefiting from a 20-per cent discount on their electricity bills for the electricity generated from solar panels.

Initially, the project will be implemented with Supalai housing estates.

In addition, KBank will provide loans for PEA ENCOM Smart Solution Ltd. for investment in solar rooftop installation and maintenance for the project’s participants and will buy excess electricity generated by the participating households for use in the business group of KBank as part of the Bank’s efforts to shift to clean energy to increase the carbon handprint of the organization. 

Khemmarat Sartpreecha, Deputy Governor of Provincial Electricity Authority and Chairman of the Board of PEA ENCOM Smart Solution Ltd., said that the company is a service provider of household solar cell system installation and maintenance, without charging any installation or maintenance fees, and offers discounts on electricity bills to the participating households.

The terms and conditions of electricity fees will be in accordance with the related service agreements, wherein any surplus electricity will be sold to the system at 2.20 Baht per unit or traded under the peer-to-peer energy trading pattern.

The company expects that the SolarPlus project will encourage the public to use more clean energy by installing solar cell systems in their homes, which would not only save on energy costs but would also create a better environment.

The project is hoped to serve as a prototype of peer-to-peer energy trading that will be adopted in the near future.

Tritecha Tangmatitham, Managing Director, Supalai Public Company Limited, said, “The company has always attached importance to the design of residential projects, based on the green approach that focuses on energy-efficient homes. The company has set a target in 2022 to cut our carbon footprint by 25 per cent within the next three years, achieved via our plans to install solar panels at the Supalai Grand Tower Head Office, along with EV chargers at various residential projects nationwide, with the aim of reducing environmental impacts. Such efforts are also intended to support the government policy of reducing greenhouse gas emissions and achieving sustainable development goals (SDGs). To this end, the company has teamed with our business partners, which have a policy of environmental stewardship, and has joined forces with KBank to install solar panels at the Supalai Garden Ville Rangsit Khlong 2 project, which is a low-rise housing project where many buyers have already moved in."

The solar panel installation program at this housing project will likely attract interest from residents because it helps save energy. 

Jiraporn Sirikum, Deputy Governor – Strategy, the Electricity Generating Authority of Thailand (EGAT), said, “Aside from electricity generation and transmission, which is EGAT’s key mission, EGAT has concurrently introduced new energy innovation solutions to meet the consumers’ needs during the digital era. These include offering them easier access to clean energy while emphasizing energy management.

For the SolarPlus project, EGAT has unveiled a peer-to-peer energy trading platform, which has been developed by EGAT’s teamwork and trialled in the ERC Sandbox Phase 1 project to add value to this project. EGAT aims to improve the peer-to-peer energy trading platform to be more user-friendly, thus attracting greater consumer interest. Once that is achieved, EGAT will commercially introduce this platform to meet consumers’ future needs.  

Athip Tantivorawong, Chief Executive Officer, INNOPOWER Company Limited, said, “INNOPOWER has promoted access to clean energy. The company offers one-stop services of renewable energy device registration and renewable energy certification (REC) trading. The focus is to increase income for power producers of renewable energy and provide convenience for business operators in achieving the goal of clean energy use "

REC is a mechanism that supports the production and use of electricity generated from renewable energy while also enhancing the capability of sustainable energy innovation development in Thailand.

Pipit noted in closing that the project is planned to expand nationwide, targeting the installation of solar rooftops for 500,000 households within five years. In addition, KBank is prepared to provide 50 billion Baht in loan facility to solar power developers.

The program is expected to help reduce greenhouse gas emissions by 2.3 million tons of carbon dioxide equivalent per year while encouraging Thais to embrace clean energy increasingly.

This will accelerate the rise of a practical green ecosystem in society, thus leading to the achievement of Thailand’s net zero goals.