SOLAR SYSTEM ON INSTALLMENT IN ISLAMABAD – LAHORE – (PAKISTAN)
Sympl Energy has contracts with leading banks in Pakistan that offer solar financing, If you are finding a solar system on Installment in Islamabad or Lahore, discuss it with our representatives!
Solar Financing Scheme
Recognizing the potential of solar energy and its ability to fight off the energy crisis, State Bank of Pakistan has taken the initiative to promote renewable energy projects in the country. With the Revised Financing Scheme for Renewable Energy, SBP aims to target people belonging to all sectors including residential, commercial, and industrial, and make their shift to solar as convenient and Sympl as possible.
The State Bank of Pakistan has directed banks to introduce financing schemes to facilitate and incentivize consumers willing to make the switch to solar. Multiple banks have shown interest and initiated solar financing plans for their clients.
Realizing the need of the hour and in our pursuit to make things as convenient as possible for our customers, Sympl Energy has collaborated with several banks to provide our valuable customers the option to pay for their solar energy systems through easy monthly installments.
Is Solar Financing Worth It?
Yes — financing your solar system is totally worth it! At Sympl Energy, we believe that solar energy should be for everyone. However, many people interested in shifting to solar are deterred by its high upfront costs. To counter this, we have collaborated with banks to give our customers the Sympl option of paying for their solar projects through monthly installments. In most cases, these installments are far less than what you would be paying for in your monthly electricity bills. This means that by financing your solar project, you would not only be paying less every month but also gaining independence from the grid and locking in the lowest electricity rates for the rest of your life!
Please note that depending on your bank, the below information might differ slightly.
The eligibility criteria under the SBP Financing Scheme for Renewable Energy have been kept Sympl to encourage more people to shift to renewable sources of energy and reduce strain on the national grid.
- Financing shall be available to domestic, agricultural, commercial, and industrial borrowers who are desirous of installing renewable energy-based projects/ solutions of up to 1 MW for the generation of electricity. A borrower may install more than one renewable energy source based projects/solutions of up-to 1 MW each with the condition that such projects must not be located contiguously.
- The energy generated from these projects may be for own use or for supply to the distribution company as per the rules set by NEPRA under their Net Metering Regulations (as amended from time to time).
- Any other bank requirements.
The State Bank of Pakistan has restricted the markup rate to a maximum of 6%. The breakdown is as follows:
|Rate of Refinance||Maximum bank spread||Maximum End User Rate|
Terms of Financing
- Financing under the Scheme shall be available for up to a maximum period of ten (10) years, including a maximum grace period of three (03) months.
- The principal amount of loans shall be repayable in monthly, quarterly, and half-yearly installments.
- Mark-up shall be paid on a monthly or quarterly basis.