Pan Asia Bank’s solar loan scheme provides financing to customers to purchase solar energy systems, enabling them to generate their own electricity and be free from electricity bills and contribute to reduce global warming.
Solar Energy Systems allow customers to install solar panels on the roof and generate electricity from solar power. Electricity generated in this manner is used for household consumption and the excess power will be released to the main electricity grid for which the customer will receive credits from CEB/LECO. These credits can be set off against the electricity that is consumed from the main grid, enabling the household to enjoy electricity without having to pay electricity bills.
Pan Asia Bank’s solar loans are offered at a special interest rate with a repayment period up to 7 years. Another unique benefit of solar loan scheme is that, guarantors are not required for professionals such as doctors, engineers, and accountants etc. Under this loan scheme, a customer can obtain a credit facility up to Rs.3 million and jointly apply with his/ her spouse or a child.
Some of the main customer benefits of this product offering are as follows;
Customers’ electricity bills can be reduced to zero, as each household could generate more electricity than the consumption (depending on the capacity of the unit)
After the loan is paid off, customers can enjoy electricity at zero cost
Customers can increase utilization of their electrical goods without being concerned about electricity cost
The main idea behind introduction of this product since 2014 is to make this technology accessible and affordable to a larger segment of households in the country, so that in today’s world of growing energy costs and increasing environmental concerns, a viable alternative solution to the use of fossil fuel is made available. Pan Asia Bank with a track record of embracing and introducing innovative and green banking products, continues to be a catalyst in encouraging the transition of Sri Lanka to a greener economy through this loan and other green economic activities such as renewable energy and energy saving projects.
In addition to the fact that these activities are in line with the bank’s CSR vision, the Bank is confident that they will create a perfect opportunity to generate long term sustainable economic benefits to uplift the living standards of people by creating cost effective energy for businesses and employment in a socially & environmentally responsible manner.
These green initiatives will also result in many strategic economic benefits to the country as development of renewable energy sources such as Solar Energy, Wind Power and Biomass etc. would reduce Sri Lanka’s vulnerability to global oil price volatilities and its contribution to Global Warming.