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BOP starts loans for solar systems

BoP has started issuance of loans for purchasing solar penal systems to overcome electricity shortage. Domestic consumers, educational institutions and petrol pumps will be given priority in issuance of loans at an initial stage, said head mortgage financing, Retail Finance Division BOP Muhammad Akbar. He said thousands of loans seekers, including industrial units, had so far contacted with different branches of the BOP in this regard. The BOP would give loans for solar energy systems for a period of three, five and seven years and will charge 14% to 18% mark up on it. The consumers will have to invest 20% amount on a solar system from their pocket while the bank will provide 80% financing for it, he added.

He said educational institutions could be a role model in promotion of solar penal systems as they work at day time when efficiency of solar penal systems was at its peak.

He said farmers having 12 acres of land could apply for obtaining loans to run tubewells on solar energy.

M Akbar said an awareness campaign was being launched to apprise the public about benefits of solar energy and techniques to use it.

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