PEA and KBank develop an application for those interested in installing rooftop photovoltaic panels

Stocks and Financial Services Press Releases Thursday January 31, 2019 16:15
Bangkok--31 Jan--KASIKORNBANK

The Provincial Electricity Authority (PEA) has joined forces with KBank to develop the PEA Solar Hero Application, being the first of its kind in Thailand, aimed at allowing interested general public members to install a rooftop photovoltaic (PV) system to generate power for their own use via a one-stop-service at their fingertips. This user-friendly mobile application is expected to be introduced in four pilot provinces in April 2019 and aims to attract 1.5 million adopters within the first five years.

Mr. Saranyphong Atchvsunthon, Deputy Governor of Planning and Power System Development, said that "PEA and KBank has signed a memorandum of agreement on the development of the PEA Solar Hero Application, which is the first ever one-stop-service application in Thailand. The mobile application is intended to offer convenience for interested general public members to install the rooftop PV system to generate power for their own use in a comprehensive manner, beginning with an analysis on basic electric power consumption, recommendations on the appropriate installed capacity, selection of investment models, investment funds from banks, breakeven point calculation, products and installers that meet PEA standards. Application users can also keep track of their own power consumption anywhere, anytime."

Mr. Sarunyphong added that PEA has a policy of developing the organization into a digital utility by promoting energy R&D to steadily introduce new energy service businesses and innovations in order to stay competitive in the global market. Under this project, KBank is our first exclusive partner that will provide financial facilities for those who are interested in installing the solar PV system. The PEA Solar Hero Application will offer a complete service first in four pilot provinces in April 2019. PEA is aiming for approximately 1.5 million rooftop PV system adopters or 20 percent of power users in the business and household sectors within the first five years of the introduction of this service. It is expected investment in the rooftop PV system will reach 180 billion Baht nationwide.

Mr. Silawat Santivisat, KBank Senior Executive Vice President, said that the Thai government has encouraged communities to join an effort to produce and use clean and renewable energy such as solar power by installing solar rooftops at their residences, shops, factories and buildings. However, the campaign has met with a lukewarm response because of certain limitations including an expensive cost of solar panel installation and consumers' concerns over safety and standard of equipment and quality of installation.

KBank, as a partner with PEA, is proud and honored to take part in the campaign to promote the installation of solar rooftops via the PEA Solar Hero application by being the first and only financial service provider which has participated in the project from the beginning. KBank will provide Payment Transaction service for those interested. Customers can choose to make payment for goods and services via credit cards with the promotion of 10-month installment plan. KBank also serves as a Funding Provider by offering loans for installing solar panels because the cost of solar rooftop installation is still expensive. The loan service will ease the financial burden of customers because they can budget their payments into monthly installments with special interest rate for up to 60 months at the discretion of KBank.

Mr. Silawat added that the PEA Solar Rooftop application does not only forge a digital society but also serve as a tool to make it easier and more convenient to install solar panels. The one-stop-service application offers every aspect of information before and after installation, and acts as the center for solar rooftop installations and services. Additionally, it establishes a platform for interested general public members to meet solar power operators which meet the PEA standards, funding sources and payment options. KBank believes that KBank collaboration with PEA to develop the PEA Solar Hero application will become a catalyst to make solar rooftop mainstream and easily accessible in accordance with the intention of the government sector and PEA to find new sources of alternative energy to promote clean power of the future. Moreover, it will help reduce air pollution which has now become a serious global environmental threat.

The project also marks the first time in Thailand that digital platform has been incorporated in solar rooftop installation to make it more convenient for consumers to use innovation to produce clean energy from solar power in accordance with the government's policy. Those interested in the project can contact PEA Call Center 1129 or visit under the PEA Solar Hero Application tab. The project will pilot at four provinces namely, Chiang Mai, Nakhon Ratchasima, Rayong and Phuket before expanding nationwide in the third quarter of 2019.

Latest Press Release

Fitch Revises Outlook on Bank of Ayudhya to Negative; Affirms Ratings

Fitch Ratings has revised the Outlook on Bank of Ayudhya Public Company Limited's (BAY) Long-Term Issuer Default Rating (IDR) and National Long-Term Rating to Negative from Stable. At the same time, Fitch has affirmed BAY's Long-Term IDR of 'BBB+' and...

Fitch Revises Outlook on SMTB Thai to Negative; Affirms Ratings

Fitch Ratings has revised the rating Outlook on Sumitomo Mitsui Trust Bank (Thai) Public Company Limited (SMTBT) to Negative from Stable. At the same time, Fitch has affirmed the bank's National Long-Term Rating of 'AAA(tha)', and its National Short-Term...

Fitch Revises Outlook on EASY BUY to Negative; Affirms Ratings

Fitch Ratings has revised the Outlook on EASY BUY Public Company Limited (EB) to Negative from Stable. At the same time, Fitch has affirmed EB's National Long-Term Rating of 'AA(tha)' and National Short-Term Rating of 'F1+(tha)'. The revised Outlook...

Photo Release: EXIM Thailand Joins Hands with GJPCT to Promote and Enhance Thai Gems and Jewelry Entrepreneurs’ Competitiveness in the Global Market

Mr. Pisit Serewiwattana (right), President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Somchai Phornchindarak (left), President of the Gems, Jewelry and Precious Metal Confederation of Thailand (GJPCT), recently signed a Memorandum of...

Banpu reports overall stable performance in the first half of 2020 Gearing investment towards instant cash-flow generating businesses

Banpu Public Company Limited (BANPU), a leading integrated energy solutions company in Asia Pacific, achieved stable results for the first half of 2020 through its key focus on increasing and maintaining cash flow by the acceleration of closing of...

Related Topics