Solar Financing Pakistan
Solar System on Installments in Pakistan
State Bank of Pakistan has initiated Solar Financing Pakistan, through Solar Financing in Pakistan get Rs. 500000/- PKR to PKR Rs. 10 Million PKR in Pakistan. SBP has issued revised criteria for SBP renewable energy financing in Pakistan in 2016. Through Solar Financing scheme, we can encourage people who are belonging to the industrial, commercial, residential, and agricultural sector to invest in renewable energy sources. Through Solar Financing in Pakistan we can facilitate our customers to purchase solar energy systems in Pakistan on easy month installments.
Scope
This program shall allow more people to use renewable energy sources, which will help in attaining a free and uninterrupted supply of electricity. The excess energy which is produced shall be available to other people through Net Metering so it will impact the whole nation.
Eligibility Criteria
The eligibility criteria to qualify for this program have been kept very simple and easy to cope with the original objective of the program that is to encourage more people to use renewable energy by making it affordable. The eligibility criteria contain only these two requirements:
Must hold a Computerized National Identity Card (CNIC)
Must be the owner of the business, and the house where the solar panel system is to be installed
Mark Up Rate
The markup rate has been set economical to make sure more people can afford it, and become a part of this initiative. The markup rate has been decided 3+3=6 per annum by the SBP. The 3% can further be negotiated depending upon your relationship with your bank.
| Rate of Refinance | Maximum bank/ DFI’s Spread | Maximum End User Rate |
|
3.00% |
3.00% |
6.00% |
Why Do You Need To Go Solar?
With eight to nine hours of sunshine per day, the climatic conditions in Pakistan are ideal for solar power generation.
Solar Financing Banks in Pakistan
Project Financing
If you cannot afford the solar system by paying right away, you can still afford to switch to solar with the help of the bank. Now the Solar Financing Banks in Pakistan provide monetary assistance under Solar Financing Scheme in Pakistan.
List of Solar Financing Banks in Pakistan
- JS BANK
- BANK of Punjab
- BANK of Khyber
- Habib Bank Limited
JS BANK
JS bank is a well-known bank and a supporter of Green Energy. When SBP launched the solar financing scheme, JS bank initiated two different programs to help people take control of their energy production needs and contribute to a safer environment. The programs offered by JS Bank are as follows:
- JS Apna Ghar Solar Financing Program (residential program)
- JS Smart Roshni Program (commercial program)
Features of the Programs
Both of the programs launched by JS Bank have the following similar features:
Financing
Between Rs. 300,000 and Rs. 20 million, depending upon the size of the project.
Equity
Minimum 25% of the total amount
Mark-up rate
6% annually
Financing tenor
Between 3 and 5 years
Processing fee
Minimum PKR 5,000/- or 0.5% of the loan amount (whichever of the two is higher will be taken)
Insurance
Insurance offered through reputable partners at a preferential rate
Prerequisites to Get Financing:
- An account at JS Bank either Current or Savings
• Fulfillment & signing of the loan application form
• Obtain a quotation for a solar panel system from an authorized dealer
• Two recent passport size photographs
• Copy of CNIC
• CF-1 Undertaking Form to be fulfilled
• JS Solar Panel Key Fact Sheet of the program you have applied for
• Documents showing the ownership of the property along with recent utility bills
• Bank statements of a business or individual account
• Active tax payee with NTN number (especially for businesses)
BANK of Punjab
The Bank of Punjab, have started their financial assistance program in compliance with the State Bank of Pakistan solar financing program to help people switch to solar. For this purpose, they are giving financial assistance to people who want to get solar panel systems for their homes. They have named the program BOP Solar Home.
Features of the Program
Financing
Up to Rs. 5 million or 50 lac.
Equity
Minimum 20% of the financing amount
Mark-up rate
6% annually
Financing tenor
Up to 7 years
Processing fee
PKR 5,000 for processing
Prerequisites to Get Financing:
- Attainment and fulfillment of loan application form
• Two recent passport size photographs
• Copy of CNIC
• Proof of ownership of the property with utility bills
• Bank statements of the past six months
• Active tax payee with NTN number
• Proof of employment or business for the last 03 years in the form of payslips or any transactions made
• Copy of professional degree if any
• Details of any other loans taken from any other source
BANK of Khyber
BOK gives financing for domestic customers and is performing their role for a cleaner and greener Pakistan under SBP’s solar financing scheme. Solar Financing scheme from Peshawar a great initiative by The bank of Khyber, and after its success, they expanded the program to provide solar financing at all their branches in Pakistan. The bank offers the program under the name “BOK Roshan Ghar Scheme”.
Features of the Program
Financing
From 50,000 to 20 million based on the category of the program under the SBP scheme.
Equity
Minimum 25% of the total financing amount
Mark-up rate
6% per annum
Financing tenor
Starting from 6 months up to 5 years
Processing fee
PKR 5,000 and FED
Insurance
The bank offers insurance from Askari General Insurance Peshawar (0.3%+taxes)
Prerequisites to Get Financing:
- Fulfillment of financing application
• Two recent passport size photographs
• Copy of CNIC
• Ownership of property document and the most recent utility bills
• Bank statements of the past six months of the personal and business account
• Active tax payee with NTN number
• Proof of business or employment for the last 03 years
• Copy of professional degree if any
Habib Bank Limited
HBL is the biggest bank with the vastest network of branches in Pakistan. The bank is providing financial assistance under the State Bank of Pakistan Solar Refinancing Scheme to address the rising energy crises in Pakistan. They are providing financing to mostly industrial clients in the following three categories, which are as follows:
- Category-I: For industrial projects ranging from 1MW to 50 MW.
• Category-II: For projects up to 1MW.
• Category-III: For suppliers certified under the AEDB Certification Regulation 2018 that can install solar or wind projects on a lease basis or for selling of electricity to ultimate owners.
Features of the Program
Financing
- For category-I: PKR 06 billion for a single project.
• For category-II: PKR 400 million for a single borrower.
• For category-III: PKR 01 billion for a single supplier.
Equity
Minimum 25% of the total financing amount
Mark-up rate
Only 6% per year
Financing tenor
The financing tenor is different for every category and is as following:
- Category-I: Maximum 12 years (including 02 years grace period).
• Category-II: Maximum of ten years (including 03 months grace period).
• Category-III: Maximum of ten years.
Prerequisites to Get Financing:
- Fulfillment and signing of loan financing application
• Two recent passport size photographs of the applier
• Copy of CNIC
• Ownership of Property documents along with the latest utility Bill & Electricity Bill
• Bank statements of the past six months of a business or personal account
• Active tax payee with NTN number
• Details of any loans taken from all other sources
Pakistan has been facing energy crises as well as environmental degradation with the use of non-renewable resources. The price of electricity is increasing rapidly, and economic growth is declining. To counter these problems, SBP started the Solar Financing Pakistan so industries, and homeowners can invest in renewable energy with the help of an investment from banks. State Bank of Pakistan has initiated the Green Banking program to incorporate environmental contemplations in banking operations, services, and funding.
Which Capacity Makes the Best Solar System For Home in Pakistan?
The solar energy systems are available in several capacities irrespective of the system type you are installing. The required capacity of the system depends upon the electricity usage of the consumer. If the electricity usage is higher, the system capacity will be greater as well. The table below will help you find the right capacity for your electricity utilization.
| MONTHLY ELECTRICITY UNITS | SYSTEM CAPACITY |
| 300-350 | 3KW Solar System in Pakistan |
| 500-600 | 5KW Solar System in Pakistan |
| 1100-1200 | 10KW Solar System in Pakistan |
| 1700-1800 | 15KW Solar System in Pakistan |
| 2300-2400 | 20KW Solar System in Pakistan |
| 2800-3000 | 25KW Solar System in Pakistan |
| 3500-3600 | 30KW Solar System in Pakistan |
| 4000-4200 | 35KW Solar System in Pakistan |
Premier Energy being the Best Solar Energy Company in Pakistan has got you covered with its other cost-effective Solar Systems in Pakistan so you can conveniently switch to solar energy and gain energy independence. Now you can get the best Solar Panels in Pakistan and Solar Inverters in Pakistan from top-rated global manufacturers without any hassle. Going solar was never this easy and profitable. We are offering Solar System in Pakistan, which includes top-quality products. Dealing with the best inverters, our Solar Inverter makes it the most budget-friendly investment. Through SBP’s Solar Financing scheme, we can facilitate our customers to purchase a solar power system in Pakistan on easy monthly installments. We provide a Net Metering System in Pakistan to let you save and sell back excess electricity to the grid. Find the latest details regarding Solar Packages in Pakistan.
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People Also Ask
FAQ's
What is Solar Financing Pakistan, and how does it work?
Solar Financing Pakistan is a program initiated by the State Bank of Pakistan (SBP) to provide financial assistance for investing in renewable energy sources, particularly solar power. Through this scheme, individuals and businesses can obtain loans from banks to install solar energy systems on their premises.
Who is eligible for Solar Financing in Pakistan?
To qualify for Solar Financing in Pakistan, applicants must hold a Computerized National Identity Card (CNIC) and be the owner of the property where the solar panel system is to be installed. Eligibility extends to individuals and businesses in the industrial, commercial, residential, and agricultural sectors.
What are the benefits of participating in Solar Financing Pakistan?
Participating in Solar Financing Pakistan offers several benefits, including access to affordable financing for solar energy systems, reduced electricity bills through solar energy generation, and contributing to environmental sustainability by adopting renewable energy sources.
What is the markup rate for Solar Financing in Pakistan?
The markup rate for Solar Financing in Pakistan is set at 6% per annum by the State Bank of Pakistan. This rate may be negotiable depending on the relationship between the borrower and the lending bank.
Which banks in Pakistan offer Solar Financing programs?
Several banks in Pakistan offer Solar Financing programs, including JS Bank, Bank of Punjab, Bank of Khyber, and Habib Bank Limited. These banks provide financial assistance for installing solar energy systems through their respective schemes.
What are the features and requirements of Solar Financing programs offered by banks in Pakistan?
Each bank’s Solar Financing program may have different features and requirements. However, common features include financing amounts, equity contributions, markup rates, financing tenors, processing fees, and prerequisites for loan application.
How can I apply for Solar Financing in Pakistan?
To apply for Solar Financing in Pakistan, individuals and businesses must contact the participating banks offering the financing programs. The application process typically involves completing a loan application form, providing necessary documentation, and fulfilling the bank’s requirements.
What is the impact of Solar Financing on energy consumption and the environment?
Solar Financing encourages the adoption of solar energy systems, which reduces reliance on conventional energy sources, decreases greenhouse gas emissions, and promotes environmental sustainability. Additionally, solar energy systems contribute to energy security and grid stability.
What role does Premier Energy play in Solar Financing Pakistan?
Premier Energy facilitates customers in navigating the Solar Financing process by providing assistance with loan attainment, system design, installation, and regulatory compliance. Premier Energy partners with top solar product manufacturers to offer high-quality solar solutions at competitive prices.
How can I calculate the financial benefits of investing in a solar energy system through Solar Financing?
Premier Energy offers tools and resources to help consumers calculate the financial benefits of investing in solar energy systems through Solar Financing. These resources may include ROI calculators, payback period estimators, and financial analysis assistance.
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