The State Bank of Pakistan launched the solar financing program in Pakistan to promote the use of renewable energy sources. Under Pakistan’s most recent solar financing scheme, qualified consumers can purchase solar panels in installments ranging from 1 kW to 1 MW.
Through its solar financing program, the State Bank of Pakistan has made it simple to get a loan for a solar system in Pakistan. In this blog, we will discuss the reasons why taking out a loan for solar financing in Pakistan is in your best interest in 2024.
What is the Solar Financing Scheme of the State Bank of Pakistan?
One refinancing program that offers banks financial support is the State Bank of Pakistan (SBP)
Solar Financing Scheme. The goal of this aid is to help renewable energy investment companies (RE-IEs) carry out renewable energy solutions and projects.
The program gives banks in Pakistan the ability to provide their clients with the option to finance solar systems in installments, meeting the demands of residential, commercial, industrial, and agricultural clients.
The goal of this project is to advance renewable energy across a number of industries, including commercial, residential, industrial, and agricultural. You can produce your own electricity for at least 25 years and maybe cut your electricity costs to zero or less by using solar energy.
State Bank of Pakistan
Regarding the installation of solar panels in Pakistan on an installment basis, each bank has its own unique set of guidelines. Let’s first go over the State Bank of Pakistan’s eligibility requirements and general scope for solar system installments in Pakistan.
Scope
The purpose of Pakistan’s solar system installment plans is to encourage the use of renewable energy sources in commercial, industrial, agricultural, and residential settings. The nation will gain a lot from this shift, one of which will be a decreased dependency on foreign fuels to generate electricity.
People in Pakistan will also be able to purchase uninterrupted electricity at reduced rates thanks to solar finance programs, and they will even be able to sell extra electricity back to the grid.
Criteria for eligibility
Since the goal of this program is to promote the use of solar energy, the requirements for the solar system’s eligibility have been kept straightforward and uncomplicated. In Pakistan, solar panels can be purchased in installments without the need for extensive paperwork. The following are the two primary prerequisites:
- The customers’ computerized national identity card (CNIC) must be in their possession.
- The home or place of business where the solar system is to be installed must be owned by the customer.
Rate of Markup
The majority of people can afford the modest markup rate. The markup rate under the SBP program is 6%. Please be aware, nevertheless, that the rate could change according to the policies and procedures of specific institutions. The markup rate is typically 6% annually.
Pakistan’s Solar Financing Banks List
We are aware that not everyone can afford the initial outlay required to establish a solar system. We have created a list of institutions that we are associated with for solar financing. In order to get a solar installment in Pakistan through the SBP plan, we are dedicated to helping you at every stage of the procedure. The banks on the list are leading commercial banks that provide their clients with solar on installment at a fair markup.
When it comes to installing solar systems, we take satisfaction in being these commercial banks’ clients’ first option. As a result, you can also benefit from this chance. Let’s look at the list of solar finance companies that offer solar systems in installments in Karachi, Lahore, and every other Pakistani city.
- Meezan Bank Limited
- Askari Bank
- Alfalah Bank
- JS Bank
- United Bank Limited
- Habib Bank Limited
Final Thoughts
You can install solar panels in Pakistan on an installment basis using these plans. Simply get in touch with the banks to find out more about the Monthly Installment plan and take advantage of the chance to produce your own electricity at home.
