Meezan Bank’s Initiative on Interest-Free Solar System Financing in Pakistan

Do you want to power your house with solar energy but don’t have the financing?

Worry no more, as Meezan Bank has introduced Shariah Compliant Solar Panel Financing Program in Pakistan.

With affordable plans, easy installments, and complete financing, homeowners in Pakistan can go green with solar energy. Moreover, the transition to solar power will reduce 50% electricity bills and help homeowners save money during such an economic crisis.

Moreover, the bank provides expert guidance for financing process navigation.

However, the solar panel financing offered by Meezan Bank is exclusively available in Karachi, Lahore, Islamabad, and Rawalpindi only.

Meezan Bank Solar Panel Financing - An Overview

People around the world are embracing clean energy as a reliable resource for electricity production. Excessive load shedding, power shortage, and high electricity tariffs have already challenged the lifestyle in Pakistan. With 0 net emissions of GHG, solar power is the way forward.

However, solar power plant installation is costly and inaccessible to people living in a country experiencing an economic downfall. Meezan Bank’s solar panel funding comes as a blessing in disguise.

Here are the complete details of Meezan Bank’s interest-free solar system financing.

1. Meezan Bank follows an Islamic mode of financing in accordance with Musawamah with an unequal monthly installment plan.
2. The profit rate is 1 Year KIBOR**+2.5% for salaried & pension income and 1 Year KIBOR+3.5% for non-salaried people.
3. Financing tenure is 12 to 60 months (1 to 5 years).
4. Solar systems of 1KW to 1000kW capacity are allowed.
5. The financing amount ranges between PKR 100,000 and a maximum of up to PKR 2,500,000***.
6. Homeowners are eligible to receive solar panel funding. However, if the property is shared between multiple parties, each individual must register as a co-applicant.

How to Apply for Solar Panel Financing?

Applying for solar panel financing is easy with Meezan Bank. Just visit the nearest branch and get a quote on your funding request. You can also call the Meezan Bank helpline at 111-331-331 / 111-331-332 to initiate your application.

Here are the steps involved;

1. Choose an energy partner from the authorized vendor list and get a quotation.
2. Visit Meezan Bank's nearest branch and fill out the application form provided by the bank. You can also download it online and submit it physically to any Meezan Bank branch.
3. Attach your ID card copy along with the latest electricity bill along with the application.
4. You’ll have to provide the bank with some required documents for cross-validation.

Note: If you are not a customer of Meezan Bank, you need to open an account to avail yourself of solar panel financing.

Also Read: Residential Solar Energy Systems in Pakistan - Types & Capacity

Are There Any Extra Service Charges?

Meezan Bank's solar financing scheme is transparent, and no hidden charges are included. Everything regarding costs and payments is mentioned on Meezan Bank’s website.

The solar power financing includes the cost of solar panels, inverters, batteries, and installation wiring and equipment). 

Other charges are as follows;

Note that the bank will not bear the finance of batteries in on-grid and off-grid systems. Moreover, the bank will not fund the “net metering” cost.

For a better customer experience, Meezan Bank has developed a Solar Panel Payments Calculator, from which you can determine payment plans by adding required funding.

What is the Eligibility Criteria for Solar Panel Financing?

Meezan Bank’s eligibility criteria is specific for salaried individuals (permanent employees), contractual employees, business individuals, and pensioners. If you fall under any of these categories, visit the bank’s official page to check your residential solar system financing eligibility.

Also Read: The Solar Panel Paradigm - Residential VS Commercial PV Systems

The Final Words:

Considering the prohibitive electricity tariffs in Pakistan powering homes with solar energy has become the need of the hour. Homeowners can independently produce electric power through residential solar systems and earn extra money through net metering. 

Encouraging residential solar power generation is a smart move. Going solar would liberate people from paying too much electricity while creating a mutualistic relationship between homeowners and utilities.