Solar Financing in Pakistan

Solar financing in Pakistan is an initiative by the State Bank of Pakistan to encourage the adoption of renewable energy sources. Alpha Solar, in collaboration with all commercial banks, offers the opportunity to install a solar system on installments. Eligible individuals can get solar panels on installments in Pakistan ranging from 1 kW to 1 MW under the latest solar financing scheme. The monthly installment amount is fixed and paid to the bank over a specified period, based on the chosen option. The State Bank of Pakistan has made it easy to obtain a loan for solar system in Pakistan through its solar financing scheme.

This initiative aims to promote renewable energy across various sectors, including industrial, commercial, domestic, and agricultural. By harnessing solar energy, you can generate your own electricity for at least 25 years and potentially reduce your electricity bill to zero or even have a negative bill in some cases.

The State Bank of Pakistan (SBP) Solar Financing Scheme is a refinancing scheme that provides financial assistance to banks. This assistance is aimed at supporting renewable energy investment entities (RE-IEs) in the implementation of renewable energy projects and solutions. The scheme enables banks to offer their customers the opportunity to finance solar systems on installments in Pakistan, catering to residential, commercial, industrial, and agricultural needs.

Each bank has its own specific rules and regulations concerning solar panel installations on an installment basis in Pakistan. Therefore, it is important to understand the scope and eligibility criteria of leading banks. However, let’s first discuss the general scope and eligibility criteria provided by the State Bank of Pakistan for solar system on installments in Pakistan.

The scope of solar system on installments in Pakistan is to facilitate the adoption of renewable energy sources in domestic, commercial, industrial, and agricultural applications. This transition will result in numerous benefits for the country, including reduced reliance on imported fuel for electricity production. Solar financing initiatives in Pakistan will also enable individuals to access uninterrupted electricity at lower prices and even have the opportunity to sell excess generated electricity back to the grid.

As the purpose of this scheme is to encourage more people to adopt solar energy, the eligibility criteria for the solar system have been kept simple and easy. There is no requirement for long and lengthy documentation to get solar panels on installments in Pakistan. The two main requirements are as follows:

• The consumers must hold a computerized national identity card (CNIC).
• The consumer must own the house or business where the solar system is to be installed.

We understand that not everyone can afford the upfront cost of installing a solar system all at once. Alpha Solar has compiled a list of solar financing banks with whom we are affiliated. We are committed to assisting you at every step of the process to obtain a solar on installment in Pakistan under the SBP scheme. The listed banks are top commercial banks that offer solar on installment to their customers at a reasonable markup rate.

We take pride in being the preferred choice for customers of these commercial banks when it comes to solar system installations. Therefore, you can also take advantage of this opportunity. Let’s explore the list of solar financing banks that provide solar system on installments in Lahore, Karachi, and all other cities of Pakistan.

• Meezan Bank Limited
• Alfalah Bank
• Askari bank
• JS Bank
• United Bank Limited
• Habid Bank Limited

Meezan Bank, one of the largest banks in Pakistan, is dedicated to providing excellent facilities to its customers. They offer affordable and accessible options for solar system installation on installment in Pakistan. The payment plans are flexible and competitive in terms of pricing. Through collaboration with Meezan Bank, you can obtain solar system on installments in Karachi, Lahore, Islamabad, and all other cities. Additionally, Meezan Bank’s solar financing scheme also provides the facility of net metering.

• Applicant must hold a CNIC card.
• Minimum Monthly Salary: For permanent job holders, the minimum monthly salary requirement is 100K.
• For contractual job holders and business owners, the minimum monthly gross income requirement is 200K and 500K respectively.
• Two references are required.
• Must have a Meezan Bank Account – If the applicant currently does not have one, it will be opened to offer financing.
• Must be an active tax payer with an NTN number.
• Property where solar has to be installed must be owned by applicant.

• Financing is based on the Islamic concept of Mussawmah.
• Special discounts are offered to premium customers.
• Financing options are available for a minimum duration of one year and a maximum of five years.
• The allowed capacity for solar systems ranges from 1 kW to 1 MV (1 Megawatt).

• Processing charges: 5000 + FED
• STR Fee: 1000
• Meezan Bank Energy partner survey charges: At actual cost, if applicable.

Bank Alfalah offers a facility to its customers who are interested in installing a solar system on installments in Karachi, Lahore, or any other city. The scheme is available to all those who meet the eligibility criteria. Let’s explore the eligibility criteria and features of the solar financing scheme offered by Bank Alfalah Ltd.

• Must hold the computerized National Identity Card
• Income Proof
• Utility bills of one year
• For business: will have to provide proof of being in business for last three years.
• Must hold the Bank Alfalah Bank account

6% per annum.

• Repayment tenure of up to five years with a 3-month grace period.
• Customized financing solutions are available.
• 20% down payment required for self-owned premises, and 25% for rental or leased facilities.
• For rental premises, the maximum financing for residential customers is 2.5 million.
• For self-owned residential premises, financing is available above 4 million.
• For small businesses, financing is available above 10 million.
• The maximum loan limit for a solar system in Pakistan by Bank Alfalah is 400 million for a single borrower.

Processing charges Rs. 5,000/- or 0.2% of the loan amount whichever is higher, non-refundable per application.

JS Bank has consistently played a vital role in the progress of Pakistan, and it has actively participated in the solar financing initiative launched by SBP. The bank extends its financing facility to customers throughout Pakistan, contributing to the promotion of solar energy adoption. JS Bank customers can easily avail solar system on installments in Lahore, Islamabad, Karachi, and other parts of the country.

• The applicant must hold a computerized national identity card (CNIC).
• The applicant must have been operating the business for at least one year.
• Proof of business ownership is required.
• The applicant must own the property where the solar system is to be installed.

Solar financing available between 500,000 to 10,000,000.

• Financing tenure options of 3 to 5 years.
• Insurance facility offered through a reputable insurance company.
• Repayment made through easy monthly installments.

As per Bank’s updated SOC.

Processing charges Rs. 5,000/- or 0.2% of the loan amount whichever is higher, non-refundable per application.

HBL is the largest banking sector in Pakistan with the highest number of branches and investments. HBL offers loan for solar system in Pakistan under the State Bank of Pakistan’s financing policy. Customers can benefit from solar financing and generate their own electricity for the next 25 years. Let’s explore the eligibility criteria, markup rate, and features of HBL’s solar financing scheme.

• Applicant must hold the Computerized National Identity Card
• Must Owned a property where the system is to be installed
• Active Tax Payee with NTN number

6% per annum.

Electricity bills are too high to pay, and the upfront cost of installing a solar system isn’t feasible for everyone. In such circumstances, the solar financing scheme by the State Bank of Pakistan is a sigh of relief for citizens who can avail this opportunity by approaching their relevant banks. All major commercial banks offer solar system on installments in Lahore and provide loans for solar systems in Pakistan to promote reliance on renewable energy sources and reduce dependence on imported and costly fuel. Alpha Solar, in collaboration with these banks, provides solar systems on installment. The eligibility criteria are also reasonable, and the markup rate is affordable for all customers.

If you are unable to obtain a loan for a solar system in Pakistan from any bank, Alpha Solar can still assist you by offering its own Easy Monthly Installment plan. With this plan, you can install solar panels on installment in Pakistan. To learn more about Alpha Solar’s Easy Monthly Installment plan, simply contact us and seize the opportunity to generate your own electricity at home.