Solar panels on Installments in Pakistan for 2025

Inflation in Pakistan is expected to rise in 2025. Everything is impacted, even everyday foods and medications. Bills for electricity are no different. Every small and large piece of machinery requires electricity, and the middle class can no longer afford these costs. The "State Bank of Pakistan" provides a solar financing program because it recognizes the importance of solar energy.

State Bank of Pakistan's Solar Financing Program

The State Bank of Pakistan has requested that all commercial banks provide solar panels on installment plans under this solar financing scheme. Through this program, qualified Pakistanis can purchase solar panels on installments of one kW to one MW. This easy-to-pay payment option will benefit various industries, including commercial, industrial, both domestic and agricultural, to thrive and expand.

Step 1: Determine how much KW/MV you anticipate needing for solar

You must first determine how much solar capacity your house requires in order to start the procedure. Don't worry, the Meezan Bank Calculator has this quote.

Step 2: A list of banks that accept solar payments in installments

Examining the list of institutions that offer solar panels on installment plans under the Solar Financing Scheme 2024 is the second stage. Among these banks are:

• Meezan Bank Limited

• Askari Bank 

• Alfalah Bank

• JS Bank

• United Bank Limited

• Habib Bank Limited

Step 3: Each bank's eligibility requirements and entire procedure

Learning about each bank's qualifying requirements and other procedures is the next step.

Qualifications for Meezan Bank's Solar Financing Scheme

Eligibility Criteria:

Individuals with Permanent jobs:

• Account holder in Meezan bank 

• Must be Pakistan National with Valid CNIC 

• Salary must be 100K PKR

• Minimum Age 20 years and maximum age 75 Years 

• Age of co-applicant 75 years 

• Must have valid documents of permanent Job 

Individuals with Contractual jobs:

• Income must be 200K PKR minimum 

• At Least 3  years completed on this jb and total contract must be of 5 years 

• Must have an account in Meezan Bank.

• Must possess a CNIC card

• Account holder in Meezan bank 

• Minimum Age 20 years and maximum age 75 Years 

• Age of co-applicant 75 years 

• Must have valid documents of contractual Job direct with the company 

Eligibility Criteria for  business owner:

• Monthly income should be 500,000 PKR with proper bank statements and audit reports

• Account holder in Meezan bank 

• Must have Valid CNIC 

• Business age must be 5 year minimum 

• Minimum Age 35 years and maximum age 65 Years 

• Age of co-applicant 75 years 

• Must have valid documents of permanent Job 

• Two references are required.

• Must have an NTN number and be a taxpayer.

• Place to install solar panels.

Other Features:

• Special discounts for regular customers.

• Loan duration: minimum of 1 year, maximum of 5 years to repay installments.

• Solar systems range from 1 kW to 1 MW.

Costs:

• Processing charges: 5000 PKR + FED.

• STR fee: 1000 PKR.

BANK ALFALAH SOLAR FINANCING SCHEME

Eligibility Criteria:

• Must have an account in Bank Alfalah.

• Must possess a National Identity Card.

• Pakistani National 

• Must have proof of income.

• Business owners need proof of business for at least three years.

• Utility bills for the last year.

Mark UP rate in Bank Alfalah Solar Financing Scheme

• 6% per annum.

Features of the scheme:

• Payback period is up to five years.

• You can get the solar system loan of 400 million for solar panels in Pakistan by Bank Alfalah 

• 3-month grace period in case of payment delay.

• Customized financing plans based on income.

Loan limits are:

• Self-owned residence: above 4 million PKR.

• Small businesses: up to 10 million PKR.

• Rental premises (residential): up to 2.5 million PKR.

Cost to Get Solar Financing:

• Processing charges: 5000 PKR or 0.2% of the loan amount. These charnes are non-refundable

HBL SOLAR FINANCING SCHEME

Eligibility Criteria:

• The Applicant must have own CNIC 

• The Applicant must own property to install Solar System

• Pakistani National 

• The applicant must be active tax payer and have Active NTN number 

Markup rate:

• The solar financing from HBL bank is 6% per annum.

Solar financing scheme of JS Bank

To assist businesses in managing their high electricity expenses, JS Bank provides "JS Smart Roshni Solar Panel Financing." This loan is available to qualified persons on a simple installment plan for the installation of solar panels, making it a cost-effective way to combat growing electricity expenses.

Qualifications:

• The candidate has to have a CNIC.

• National of Pakistan

• No bank credit history

• The candidate must have operated a business for a minimum of one year.

• Proof of the applicant's business presence is required.

• Installing the solar system requires the applicant to own personal property.

Additional Features of JS Bank's Solar Financing Scheme:

• This loan has a three to five year payback duration.

• The range of the solar finance is between 500,000 and 10,000,000 PKR.

• Customized monthly installments are simple to pay.

• The best bank for solar financing is JS Bank Installment since they offer insurance from a reliable insurance provider.

Processing Charge:

• The processing fee is Rs. 5,000 PKR, which is equivalent to 0.2% of the loan balance. This sum is not refundable.

Final Thoughts

These days, electricity bills are quite high, and managing other home expenses is also difficult. Solar systems can be costly, even when they provide a solution. Nonetheless, there are two positive developments: the State Bank of Pakistan has created solar financing programs, and the cost of solar panels has dropped dramatically. Installment plans for solar systems are now available from all major banks.