Since November of 2014, state-owned Home Development Mutual Fund (Pag-IBIG) now offers loans for the purchase and installation of solar panels, the fund’s president and CEO Darlene Marie Berberabe said.
“Purchase and installation of solar panels may be financed by our Home Improvement Loan,” Berberabe told GMA News Online.
She said that, at present, it is part of the housing loan which requires the mortgage of the house.
In a press briefing Thursday, Imperial Homes Corporation (IHC) president and CEO Emma Imperial said she has been working with Pag-IBIG to ask the agency to include purchase and installation of solar panels in the home improvement loan.
“They’ve already approved it in principle,” she said.
According to Imperial, a Pag-IBIG fund member who wants to purchase solar power solutions may borrow P130,000 from the agency and it will be amortized in 20 to 25 years.
Alternatively, a house-and-lot package including a 1,000-watt solution that can produce four kilowatt-hours (kWh) throughout the day is also available from IHC and Pag-IBIG.
IHC has partnered with Enfinity Group, which will provide solar panels and necessary equipment.
The off-grid system can still connect to the grid on rainy days, or if the homeowner needs to tap more power for air-conditioning.
As per Manila Electric Company (MERALCO) policy, a system for crediting a customer for contributing solar power to the grid is also available.
The Imperial-Enfinity joint venture will provide a 25-year performance warranty and 10-year equipment guarantee.
The joint venture already deployed their solar power system in its first mass community project in Sto. Tomas, Batangas, with more in the works.
(source: GMA News Online, Business World)