If you want to make a worthy investment while buying solar technology for domestic or commercial use, this is what you should know.
If your domestic or commercial electricity usage is high and you want to reduce the burden on your pocket then you should think of installing renewable energy sources and I bet that solar system installation would be your first choice.
The solar system is quite common in Tier 1 countries these days. They are converting their big facilities and organizations from traditional electricity to solar energy.
It has the benefit of lowering the cost of electricity and you don’t need to worry about the electricity tariffs anymore.
In these countries, financial companies and banks have introduced refinancing their clients.
If you are in Pakistan and looking for some financing resources to have a solar system then you should look for the State Bank of Pakistan (SBP) guidelines. Commercial banks are also providing loan opportunities to their customers based on SBP guidelines.
We have gathered some specific pieces of information for you based on some research that how you can get a loan for your solar system.
Initially, the solar system might cost a lot due to the high capital charge. But, there are two things to keep in mind:
- It possesses a long-life tendency
- And the low-functioning cost
- No line losses
- Easy maintenance
- Installment of system cost
Though it is undoubtedly, a long-term investment, the financing ease given by the financers to pay for a PV system reduces the burden on your shoulders.
Hence, this original cost of the solar system is spread over a longer-term period, helping you out in the generation of revenue. So, the solar system will already generate savings on every electricity cost.
Most probably, this technique might help the user to afford the complete solar system, even if the user has an insufficient amount to make an initial payment.
So, pay upfront without being financially empowered.
Refinancing Scheme – By the State Bank of Pakistan (SBP)
SBP has prepared a refinancing proposal for all the bank customers and other users who are interested in installing the solar energy system.
As per the SBP, Renewable energy facilities will be offered to consumers on the commercial, industrial or domestic level who are willing to install the latest technology by all means.
So, the consumers can apply for advance money from DFI and any commercial banks entirely based on priority.
But, to be eligible for the scheme you should install an RE facility within the range of 1KW up to 4MW. Moreover, customers who are interested in installing the solar system at a domestic level or commercial level within their premises through the refinancing scheme of SBP, should file for a loan from DIFs and other commercial bank branches.
What are the requirements for the facility?
- An advertisement copy provided by the State bank
Note: You will access the circular or ad from Annex-IV to get available references.
- Follow all the terms, conditions, and agreements as printed on the circular.
- For further queries, consultation, or information consult various commercial banks.
Note: You can also contact any affiliated SBP bank like DFI to gather more information regarding the refinancing scheme supporting RE.