The 2026 solar cell tax deduction measure has been in effect since March 3, 2026, onwards after the Royal Gazette officially announced a policy to promote the use of solar rooftop systems at homes. This aims to help citizens reduce electricity expenses and stimulate the adoption of clean energy in Thailand, allowing both individuals and businesses to claim tax deductions of up to THB 200,000 for the installation of solar rooftop systems. Eligible claims can be made from March 3, 2026, to December 31, 2028.
Daol Securities (Thailand) and Bualuang Securities have assessed that the stocks likely to benefit from this measure include Gunkul Engineering Public Company Limited (SET: GUNKUL), SENA Development Public Company Limited (SET: SENA), Synnex (Thailand) Public Company Limited (SET: SYNEX) and WHA Utilities and Power Public Company Limited (SET: WHAUP).
GUNKUL provides solar rooftop installation services for households, commercial buildings, and factories. The company also offers consulting, system design, full-scale installation, and after-sales service by a team of specialists.
Ms. Naruechon Dhumrongpiyawut, Chief Executive Officer of GUNKUL, stated that GRoof is a solar rooftop brand for the household sector under GUNKUL, which is currently experiencing continued customer interest, as it helps reduce long-term electricity costs and provides tax benefits from residential solar installations. The company is partnering with various agencies to create sales opportunities and support financing through financial institutions, making it even easier for customers to access solar roof installations.
Furthermore, GUNKUL has joined hands with JMART Group under the JGS (Jmart-Gunkul Solar) brand to expand into the customer base of Jaymart Group Holdings Public Company Limited (SET: JMART) and Singer Thailand Public Company Limited (SET: SINGER), important targets in the household solar market. Both companies have extensive nationwide retail customer networks and strong capabilities to further offer solar energy products and services for residences effectively.
In terms of products, GUNKUL sells key solar system equipment, such as solar panels and inverters, in cooperation with Sungrow, the world’s top-selling inverter brand. The company has also developed the Solar Smart Kit, a ready-to-use solar equipment set designed for contractors and household appliance stores looking to resell the products or offer installation to their customers.
Ms. Naruechon further stated that in 2026, the company sees the ratio of clean energy growing rapidly when the PDP2026 plan is announced, in line with the new Net Zero target by 2050, which will be a key driver of Thailand’s new economic future with renewable energy playing a crucial role.
“The generation of robust revenue and profits still primarily comes from the green power business, accounting for as much as 67%. This includes wind and solar power plants both domestically and internationally, which form a business group that consistently and reliably generates cash flow.”
