Last updated on 3 April 2019 at 12:13 pm
Energy is one of the most important resources in society.
Everyone uses energy, in cars, in lights, in their phones, in all of these manners energy is useful. Because it is so important, energy can cost quite a lot. How much does Malaysia currently profit from energy, and how much could Malaysia profit if we were to switch over onto solar power for our needs?
How much does energy cost Malaysia?
The average Malaysian spends RM1,638 per year on energy. All of Malaysia spends RM52.7 billion on energy. However, Malaysia produces RM55.3 billion of energy. This means Malaysia produces more energy than it uses, and sells the extra. Malaysia makes RM2.6 billion per year off of energy right now.
SOLS Energy at work
Is Malaysia becoming more sustainable?
Since 1990, the percentage of Malaysia’s power provided by renewable energies has been cut by half. While Malaysia produces more renewable power now than it did in 1990, the proportion of that compared with the amount of energy produced by fossil fuels is shrinking.
High Condominiums are no exception for SOLS Energy
Does this make economic sense?
If we look at the numbers, it seems as though Malaysia is doing well from energy. However, Malaysia is an energy rich country, not just because of fossil fuels. There is also a lot of sun hitting Malaysia, which is energy that is currently not being used.
Installations are planned precisely
How much do solar panels generate per person?
Installing a solar energy system at your house may seem expensive at first. In average, you’d need to pay something between RM16,000 to RM23,000 for a basic system of 3kW depending on the quality of the equipment used. However, from a 3kW system, the owner can expect to earn an average of RM37,000 nett after purchase throughout the lifespan of the solar system.
How much can solar panels make the Malaysian economy?
Solar panels have a lifespan of about 28 years. The average benefit of a solar panel per person per year is therefore RM1,390. If everyone were to adopt solar power in Malaysia, we could make RM44.6 billion per year, with the cost of the installation already accounted for. That’s almost twenty times, as much as Malaysia makes right now off of their energy production. But we aren’t accounting for the cost of pollution yet.
If we account for the cost of pollution, considering Malaysia produces 240 million tons of carbon dioxide which is estimated to cost RM920 per ton, then Malaysians lose RM221 billion from the economy per year due to the cost of pollution with current energy practices. By comparison, if Malaysia were to switch over entirely on to solar power, we would produce RM6.12 billion worth of carbon dioxide. Almost 40 times less.
What does this mean for the average person?
Putting these two numbers together, if Malaysia were to switch to solar power we would make an extra RM260 billion per year, which translates to an extra RM8,120 per person. Imagine what you could do with that much extra added on to your salary.