Solar Financing
Solar Financing in Pakistan
State Bank of Pakistan has initiated Solar Financing Pakistan, through Solar Financing in Pakistan clients can get Rs. 500,000 – 10,000,000 PKR. SBP has issued revised criteria for SBP renewable energy financing in Pakistan in 2016. Through Solar Financing scheme, we encourage people belonging to industrial, commercial, residential, and agricultural sector to invest in renewable energy sources. Solar Financing in Pakistan can facilitate our customers to purchase solar energy systems in Pakistan on easy monthly installments.
How Does Solar Financing Work?
This program allows more people to use renewable energy sources, which will help in attaining a free and uninterrupted supply of electricity. The excess energy which is produced shall be available to other people through Net Metering so it will impact the whole nation. The markup rate for solar financing has been set economical to make sure more people can afford it, and become a part of this initiative. The markup rate was established to be 6% per annum by the SBP.
Eligibility Criteria
The eligibility criteria for qualification in this program has been kept very simple as the original objective of the program is to encourage more people to use renewable energy by making it affordable. The eligibility criteria contain only these two requirements:
- Client must hold a Computerized National Identity Card (CNIC)
- Client must be the owner of the business, and the house where the solar panel system is to be installed
Solar Financing Banks In Pakistan
If you cannot afford a solar system by paying right away, you can still afford to switch to solar with the help of a bank. Below is a list of Solar Financing Banks in Pakistan that provide financial assistance under the Solar Financing Scheme in Pakistan:
- Bank Al Falah
- Bank Al Habib
- JS Bank
- Meezan Bank
- Bank of Punjab
- Bank of Khyber
- Habib Bank Limited
These banks are giving financial assistance to people who want to get solar panel systems for their homes. The prerequisites for solar loan from these banks are more or less the same and are as follows:
- Fulfillment & signing of the loan application form
- Obtain a quotation for a solar panel system from an authorized dealer
- Two recent passport size photographs
- Copy of CNIC
- Documents showing the ownership of the property along with recent utility bills
- Bank statements of a business or individual account of the past 6 months
- Proof of employment or business in the form of pay slips or any transactions made
- Active tax payee with NTN number (especially for businesses)
- CF-1 Undertaking Form
- Copy of professional degree (if any)
All the banks mentioned above will provide solar loan after fulfilment of the prerequisites, with a minimum equity of 20-25% at a mark up 6% (or at KIBOR plus 3 if the 6% mark up scheme isn’t available) for a financing tenure of up to 10 years.
Solar System on Installments
Pakistan has been facing energy crises as well as environmental degradation with the use of non-renewable resources. The price of electricity is increasing rapidly, and economic growth is declining. To counter these problems, SBP started the Solar Financing Pakistan Scheme so industries and homeowners may invest in renewable energy with the help of a bank. State Bank of Pakistan has initiated the Green Banking program to incorporate environmental contemplations in banking operations, services, and funding.
All Solar United encourages the people of Pakistan to install Solar systems on Installments in Pakistan because the benefits of going solar outweigh the monthly installments as you can have lifetime savings for a financing period of around 5-7 years.
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Monthly Units | System Capacity in kW | Cost of Power Generated in PKR/ Month |
130 – 140 | – | |
300 – 350 | – | |
500 – 600 | – | |
610 – 700 | – | |
1100 – 1200 | – | |
1700 – 1800 | – | |
2300 – 2400 | – |