Solar D Corporation, the distributor of the Tesla Powerwall energy storage system, expects its revenue to soar by 100% this year to 1 billion baht thanks to growing demand for solar power in Thailand from both the commercial and residential sectors.
The company predicts positive business prospects in the rooftop solar panel and energy storage business in the country because the government has a clear policy to support a shift towards renewable energy, said Sumrit Sitthiwaranuwong, managing director of Solar D.
“In 2022, the company recorded total revenue of around 500 million baht,” he said.
Up to 90% of the earnings came from the commercial sector, with 10% from the residential sector.
The company plans to increase the proportion of revenue from the residential sector to 25% after building a large customer base in the commercial sector.
Solar D is a certified installer of rooftop solar panels and battery storage systems. The storage systems are produced by US-based Tesla.
The battery, based on AC coupled technology, is designed to have a capacity of 14 kilowatt-hours and is controlled through a mobile phone application.
The stationary energy storage system serves as a back-up power source for electricity produced by intermittent renewable energy sources such as the sun.
“Tesla decided to work with Solar D and has certified the company as its official installer since 2022,” said Mr Sumrit.
The company said earlier it expects the value of the local solar power market to rise to 50 billion baht within a decade.
Solar energy is being promoted by the government, which wants to reduce dependence on fossil fuels and step up efforts to reduce carbon dioxide emissions, which are blamed for causing global warming.
Prime Minister Prayut Chan-o-cha vowed in 2021 during the 26th UN Climate Change Conference in Glasgow that Thailand would be more serious in addressing climate change and strive to reach carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050.