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Now, nationals of the Islamic Republic of Pakistan can receive funding directly from SBP and install solar systems on their houses and buildings.
The world witnesses Pakistan’s efforts to promote renewable energy. Due to the current energy crisis faced by the country, the State Bank of Pakistan introduced an incentive scheme for solar panel financing.
The initiative of green energy funding with easy installments will enable homeowners to generate their own electricity and say goodbye to costly electricity bills.
The SBP solar financing plan has three eligible categories.
Here are the details;
Category 1
Any prospective sponsor who wants to power up their home or building with a solar power system.
Financing is available for projects from more than 1 megawatts and up to 50 megawatts.
Up to Rs. 6 billion in financing is available.
The borrower can sell the electricity to the national grid and distribution companies.
The maximum tenure for category 1 applicants is 12 years with a grace period of up to 2 years.
Category 2
Any prospective sponsor who wants to power up their home or building with a solar power system.
Financing is available for up to 1-megawatt projects.
Up to Rs. 400 million financing is available.
The borrower can sell the electricity to national grid and distribution companies following NEPRA’s net metering regulations.
The maximum tenure for category 2 applicants is 10 years with a grace period of up to 3 months.
Category 3
Renewable energy entities are eligible.
Cumulative financing is available for up to a 1-megawatt project.
Up to Rs. 2 billion in financing is available.
The borrower can sell, lease, and rent out the electricity to users.
The maximum tenure for category 3 applicants is 10 years with a grace period of up to 6 months.
The markup rate is 6% p.a. Note that the State Bank of Pakistan also offers Shariah Compliant Solar Financing for those who want to avail of Islamic banking.
Also Read: Meezan Bank’s Initiative on Interest-Free Solar System Financing in Pakistan
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