Bank financing in Pakistan for solar system is a ground-breaking initiative led by the State Bank of Pakistan which promotes the adoption of renewable energy. By the collaboration with all commercial banks, solar companies offer an incredible opportunity to install solar systems on affordable installments. This solar scheme covers a range of solar plates, i.e; 1 kW to 1 MW. It guarantees clean and green power accessible to all.
Flexible Installments Schemes:
Eligibility criteria for solar scheme are flexible enough that every individual can take advantage of this scheme to get solar plates on installments. The solar financing scheme offers solar system with a fixed monthly payment plan tailored to one’s needs. The State Bank of Pakistan had very simplified the procedure of obtaining a loan for a solar system. It ensures that transitioning to solar energy is hassle-free and affordable.
Empowerment of All Sectors with Renewable Energy:
The initiative of designing to boost renewable energy adoption across various sectors is a milestone in this field. The sectors may include industrial, commercial, domestic, and agricultural. By embracing the solar power, one can easily generate you’re the needed amount of electricity for at least 25 years. This may significantly reduce the electricity bills—sometimes to null or even a negative balance.
Why to Choose Solar Financing Scheme?
- Easy Loan Process: Obtain financing through a stream-lined loan process that is facilitated by the State Bank of Pakistan.
- Long-term Savings: Generate the needed amount of electricity and cut down on monthly electricity bills.
- Environmental Benefits: Contribution in greener climate by reducing reliance on fossil fuels.
- Wider Accessibility: Solar plates and inverters ranging from 1 kW to 1 MW provisioning to various energy needs.
Make the Switch Today:
Let’s join the growing number of Pakistanis who are absorbing the power of the sun with the help of solar financing. Whether it is for home, business, or agricultural needs, this initiative offers the most sustainable and cost-effective energy solution. Embrace the future of solar power with solar financing in Pakistan 2024.
Solar-Financing 2024
Several companies like Royal Solar, Pak Solar, and Alpha Solar are associated with all commercial banks in Pakistan. They serve as a helpful partner for easy installation of solar system through an easy monthly installment plan. Regardless of bank affiliation, these companies including many more will assist the installer in achieving solar energy goals. Here, one can find comprehensive information about solar system on installments in Pakistan now-a-days, including solar system prices in Pakistan, the specification of solar system, the scope, eligibility criteria, and other relevant details.
State Bank of Pakistan Solar Financing Scheme: Gateway to Renewable Solar Energy
The State Bank of Pakistan’s (SBP) Solar Financing Scheme is a forward-thinking initiative which has been designed to promote renewable energy across the nation. By providing financial support to the banks, this scheme helps in achieving renewable energy investment entities (RE-IEs) and implements solar projects and solar solutions. Through this 2024 solar program, banks offer financing options for solar systems on easy installments. This scheme has made the solar energy accessible to residential, commercial, industrial, and agricultural sectors.
The Scope:
- This scheme aims to boost the adoption and easy installation of renewable energy sources in various applications. Benefits may include:
- Reduced Reliance on Imported Fuel: Minimizing the electricity production costs.
- Continuous and Uninterrupted Electricity Supply: Ensuring continuous power supply at lower prices.
- Grid Energy Contributions: The ability to sell the excessive amount of electricity back to the WAPDA.
Eligibility Criteria:
The Eligibility Criteria for this scheme are straightforward, encouraging more people to switch to solar energy without filing lengthy documentation:
- C.N.I.C Requirement: Consumers/Applicant must have a computerized national identity card (CNIC) of Pakistan.
- Property Ownership: The solar system can be installed on the property owned by the consumer.
Markup Rate:
The SBP solar scheme offers the most affordable markup rate of 5-6% per annum, making it financially accessible for most people. Individual sub-banks policies may be varied, but the general rate remains competitive.
- Take the Step Towards Renewable Energy Today!
- Switch to solar system with the State Bank of Pakistan’s Solar Financing Scheme.
- Enjoy the long-term benefits of clean, sustainable energy.
- With simple eligibility criteria and affordable financing options, it’s a better time to invest in solar power.
Solar Financing in Pakistan: Your Path to Affordable Renewable Energy:
Why Solar Financing?
The up-front cost of a solar system installation can be daunting. Understanding this, Alpha Solar along with other solar companies have partnered with leading banks to offer solar financing options. It makes the solar budget easier for you to adopt renewable energy. Under the State Bank of Pakistan (SBP) scheme, the partner banks offers solar systems on easy installments, tailored to your financial needs.
Partner Banks
In collaboration with top commercial banks these companies provide you with the best solar financing options. Here’s a list of banks offering solar installations on installments across Pakistan, including Islamabad, Lahore and Karachi and other cities:
- J.S Bank
- Meezan Bank Limited
- Bank Alfalah
- United Bank Limited (UBL)
- Habib Bank Limited (HBL)
- Askari Bank
1. J.S Bank Solar Financing Scheme
J.S Bank, one of the largest bank systems, actively supports the SBP’s solar financing initiative, making solar energy adoption easier.
Eligibility Criteria:
- CNIC card holder.
- Must have a Meezan Bank account (or open one).
- Active taxpayer with an NTN number.
- Business operational for at least one year.
- Two references/guarantors.
- Property ownership for installation.
- Permanent job holders: PKR 100,000.
- Contractual job holders: PKR 200,000.
- Business owners: PKR 500,000.
Scheme Features:
- Financing range: PKR 500,000 to 10,000,000.
- Solar capacity: 1 kW to 1 MW.
- Financing tenure from 3 to 5 years.
- Special discounts for premium customers.
- Insurance facility.
- Easy monthly installments.
2. Meezan Bank Solar Financing Scheme
Meezan Bank is one of Pakistan’s largest banks and it offers affordable and flexible solar system financing. What you need to know is here:
Eligibility Criteria:
- CNIC card holder.
- Must have a Meezan Bank account (or open one).
- Active taxpayer with an NTN number.
- Minimum Monthly Salary:
- Two references/guarantors.
- Property ownership for installation.
- Permanent job holders: PKR 100,000.
- Contractual job holders: PKR 200,000.
- Business owners: PKR 500,000.
Scheme Features:
- Islamic financing based on Mussawmah.
- Solar capacity: 1 kW to 1 MW.
- Financing tenure from 1 to 5 years.
- Special discounts for premium customers.
Costs Involved:
- Processing charges: PKR 5,000 + FED.
- Partner survey charges (if applicable).
- STR Fee: PKR 1,000.
3. Bank Alfalah Solar Financing Scheme:
Bank Alfalah also provides the most convenient solar financing scheme with easy installment plans.
Eligibility Criteria:
- CNIC holder.
- Business proof (for the last three years).
- Bank Alfalah account holder.
- Proof of income.
- Utility bills for one year.
Scheme Features:
- 20-25% down payment for self-owned premises; 25% for rental/leased facilities.
- 6% per annum markup rate.
- Repayment tenure up to five years with a 3-month grace period.
- Customized financing solutions.
- Financing limits vary based on premises ownership.
- 1KW to 10 MW projects are available.
5. HBL Solar Financing Scheme:
HBL, the largest bank in Pakistan, also offers comprehensive solar financing solutions under SBP’s policy.
Eligibility Criteria:
- CNIC card holder.
- Property ownership for installation.
- Active taxpayer with an NTN number.
Markup Rate:
- 6% per annum.
6. United Bank Limited (UBL) Solar Financing:
- CNIC holder.
- Business proof (for the last three years).
- Bank Alfalah account holder.
- Proof of income.
- Utility bills for one year.
Scheme Features:
- 20-25% down payment for self-owned premises; 25% for rental/leased facilities.
- 6% per annum markup rate.
- Repayment tenure up to five years with a 3-month grace period.
- Customized financing solutions.
- Financing limits vary based on premises ownership.
- 1KW to 10 KW projects are available.
Summary: Non-affordable electricity bills and the required initial cost of solar installations can be challenging. The State Bank of Pakistan’s solar financing scheme is a relief, offering affordable solutions through major commercial banks. Alpha Solar, Pak Solar, and Royal Solar in collaboration with these banks, ensures you get the best needed solar systems on installments. If bank loans aren’t feasible, the afore-mentioned solar companies plan an Easy Monthly Installment plan to help. Contact us for further guidance and to learn more and start generating your own electricity at home.
