The overly pricey electricity and power shortage across the country made residents of Pakistan switch to solar energy. However, installing a solar energy system at home or office is a one-time investment. However, arranging a significant investment takes time and effort for many people. Several banks offer solar financing schemes to encourage solar energy development in Pakistan.
Solar financing banks in Pakistan offer loans for installing PV systems at home or in commercial places. Comparatively, the solar funding provided by the Government allocated band has a lower interest rate than commercial banks.
The subsidized lending of solar installation funds facilitates people to break free from high electricity bills and become energy independent.
Here is the list of local banks offering Pakistan’s solar financing schemes.
- State Bank of Pakistan – SBP Financing Scheme for Renewable Energy
- Bank Al Habib – SBP Financing
- Meezan Bank – Shariah Compliant Islamic Solar Financing
- JS Bank – Ghar Apna Solar Solution
- Allied Bank – Solar System Finance
- Bank Alfalah – Green Energy Scheme
- Faysal Bank – Islami Solar Solutions
- Bank Islami – Solar System Scheme
- Bank of Punjab – BOP Solar
- Bank of Khyber – BOK Roshan Ghar Scheme
Solar power in Pakistan was introduced in 2013 when the Government proposed support policies to foster renewable energy development. The National Electric Power Regulatory Authority (NEPRA) is responsible for transmitting and distributing electric power in Pakistan. Hence, the net metering regularities also fall under NEPRA’s account.
With local banks providing solar system installation funding, it is much easier for Pakistani people to become energy-independent and save money on electricity bills.