Notifications
In Pakistan, solar panels are becoming a more and more popular option for homes and businesses as the need for sustainable energy sources grows. A number of banks and other financial organizations have recognized this trend and are providing solar financing programs to increase the affordability and accessibility of solar energy.
On June 20, 2016, the State Bank of Pakistan released the Revised SBP Financing Scheme for Renewable. With the help of this program, commercial banks and development finance institutes (DFIs) can lend money easily to individuals, businesses, farms, and small and medium-sized enterprises (SMEs).
In this blog, we'll discuss the different ways to buy solar panels in Pakistan in installments, including products from JS Bank to Meezan Bank and HBL, and we'll also address some frequently asked issues.
Customers can install solar systems on convenient installment plans with Meezan Bank's dedicated solar financing program. Customers can pay in manageable payments over a certain length of time with this financing option, which is intended to make the switch to solar energy more accessible.
Customers can estimate the cost and monthly installments for the solar panel system they want by using the solar financing calculator that Meezan Bank offers on their website. Planning and budgeting are made much easier with this application, which also makes sure that clients are aware of their financial obligations.
Solar loans are also provided by JS Smart Roshni Solar Solution Financing by JS Bank. With a payback period ranging from three to seven years, the initiative provides funding up to PKR 3.5 million. There is a set markup of 6% annually.
Pros:
Reduced Electricity Costs: Helps businesses lower their electricity bills through solar energy.
Coverage: Includes coverage for batteries.
Flexible Financing: Available on installments, making it more affordable to adopt renewable energy solutions.
Wide Financing Range: Offers financing between PKR 500,000 and PKR 10,000,000.
Targeted for SMEs: Designed specifically for small and medium enterprises based on business cash flows.
Comprehensive Coverage: Includes resources for installation through JS Bank’s authorized vendors.
Cons:
Equity Requirement: Requires a minimum equity of 20% of the total solution quotation value.
Collateral and Guarantees: Requires any collateral, hypothecation of the energy solution, a personal guarantee, and post-dated cheques.
Processing Fee: Charges are based on the bank’s updated Schedule of Charges (SOC), which may vary.
HBL (Habib Bank Limited) responds to the increasing demand for renewable energy by providing solar financing options. With the ease of installment payments, HBL's solar financing enables clients to purchase solar systems, facilitating access to sustainable energy for a larger population.
Like Meezan Bank, HBL provides a calculator for solar financing. Potential clients can use this tool to determine the price and payment schedules, which offers transparency and helps to make decisions.
Solar financing solutions are available from a number of Pakistani banks and financial organizations in addition to JS Bank, Meezan Bank and HBL. Depending on the system size, bank restrictions, and consumer creditworthiness, these plans usually entail a down payment followed by monthly installments.
Karachi: Make the switch to sustainable energy now to take advantage of reasonable monthly costs!
Lahore: To make the transition to renewable energy easier for locals, a number of banks and solar energy suppliers in Lahore provide solar system installment plans.
Islamabad: There has been a rise in the capital city in solar panel installations, offering both businesses and residents a variety of financing choices.
Multan: Well-known for its abundant solar potential, Multan also provides a variety of solar system installment solutions to assist locals in effectively utilizing solar energy.
In Pakistan, moving to solar energy is now more accessible and economical thanks to the several institutions that provide solar financing choices. Solar systems on installments in Pakistan are available to fit your demands and budget, regardless of where you live—Karachi, Lahore, Islamabad, Multan, or any other city. You can locate the best financing solution to assist you in switching to a more sustainable and environmentally friendly energy source by speaking with banks and using internet calculators.
