Plus Xnergy partners SUBPLACE for rent-to-own residential solar packages – EQ Mag Pro
PLUS Xnergy Holding Sdn Bhd has forged an exclusive partnership with SUBPLACE to offer residential solar solutions in the country.
The partnership aimed to provide solar solutions for 2,000 houses within the next year, and up to 5,000 in the second year.
Plus Xnergy group CEO and co-founder Ko Chuan Zhen said the scheme is also closely regulated by Bank Negara Malaysia and credit agency CTOS, who ensure credit-worthiness of hopeful adopters as well as due legal process and regulations adherence.
“We are extremely pleased to partner with SUBPLACE in offering the first clean energy rental plan solution in Malaysia.
“Our efforts are aligned with the government’s NEM 3.0 Rakyat program, introduced early this year to encourage growth and adoption of solar solutions for consumers,” Ko said in a statement yesterday.
The solar rent-to-own packages start from RM388 with zero upfront cost and project savings of up to 90% of a household’s monthly electricity bill.
Instead of monthly grid electricity payments, users can now divert this expense to offset the solar set-up’s cost.
Depending on monthly electricity usage, this can result in minimal to zero increase in monthly expenses.
Once the rental payments expire on a five-year plan, the solar setup will be owned by the residents who will gain markedly higher savings
Meanwhile, SUBPLACE CEO Mak Wai Hoong said this significant partnership with Plus Xnergy is remarkable as for the first time, a solar solution is featured on a subscription and rental platform.
He said he foresees rental models to not merely be a trend but a permanent shift in the way consumers shop which is expected to reach a market size of US$478.2 billion (RM2 trillion) by 2025 and place Asia Pacific leading the pack in terms of subscription e-commerce.
“Across the world, subscription models are seeing increased consumer adoption. There was 300% collective growth in subscription businesses over a span of six years, according to a recent McKinsey report from May 2021.
“This insight drives Plus Xnergy’s latest move towards promoting this model, given its popularity and evident rise.
“Many believe that environmental protection and economic growth are competing interests, but the truth is, the two can be bridged with green technology. We hope to make sustainable cities a reality through this partnership with Plus Xnergy,” Mak added.