More than 377 billion 23 crores will be spent to transfer tube wells across the country to solar energy.90 billion rupees will be spent on the project in the first phase to improve the agricultural sector and 1 lakh tubewells across the country will be converted to solar energy. Funds of more than 27 billion 41 crore rupees have been approved for the solar energy project in Sindh, the World Bank will provide 10 crore dollars for the project.
Installing a solar system is basically a medium to long term investment. It takes time to pay back the investment as the monthly savings depends on the size of the solar system in the home. How much electricity is used is also a number of factors to look at, but the reduction in electricity bills can mean savings for years or decades to come.
BOP Solar Financing Facility to Farmers Apply Online
Bank Of Punjab(Bop) has introduced financing option for customers to purchase solar power on east terms and discounted prices. The Bank of Punjab is offering Solar Financing Facility to farmers on easier terms.
- Tube Well
- Dairy/Livestock Farms
- Poultry Farms
- Fish Farming
- Feed Mills
- Processing Units
- Cold Storage/Warehouse
Approved the project to transfer tube wells to solar energy at a cost of 377.2 billion rupees across the country, under this project, the federal government will pay 139 billion rupees, provincial governments will pay 119 billion rupees and farmers will pay 119 billion rupees. 50,000 diesel engine and 50,000 electric engine tubewells will be converted to solar power.
Most solar systems have a payback period of 10 years, after which the electricity generated is free in subsequent years, depending on how much the solar system costs. And what is the average cost of electricity in your area. The process is quite simple, first determine the cost of installing a solar system and then factor in taxes or other financial incentives (if applicable).
Solar system collects, converts and distributes the solar energy in form of electricity for your home as a permanent solution. Solar system reduces your electricity bill and is easy to maintain. The expected life of a good quality solar panel is in excess of 20 years.
government of Punjab solar loan scheme
In hybrid and off-grid systems, batteries are charged using power during day time and the energy stored in batteries is used during night time. You can run all electrical appliances e.g. fan, TV, lights, refrigerator, air conditioner etc. depending on the type of system you have.
BOP solar financing:
Solar production is highest in clear sunshine conditions. In cloudy, overcast, and rainy conditions, solar production is lower. Depending on which solar module is used, each DC kilowatt of PV will require roughly 85 square feet of roof space. So, a 4kW solar system will require roughly 340 square feet.
BOP solar scheme:
Solar is a onetime investment. An on-grid system, consisting of solar panels and inverters may work for 20 years. This type of system has a payback period of 6 years. You get free power beyond this period. A battery backup system needs battery replacement in 3 to 5 years and has longer payback period.
BOP Solar financing limit:
The financing limit is up to Rs. 500,000 without any security, but can be enhanced up to Rs.5 million with security. The security can be in various forms including mortgage on property etc.
BOP Solar Panel Loan Return Period /maximum tenure:
Tenure is up to 3 years for clean loan and upto 7 years for secured loan.
Your monthly installment of all loans should not be exceed 40% of your disposable income. Minimum 20% Equity, 1st year life insurance & processing charges. The repayment of loan shall be through monthly installments.
BOP Solar panel: The panel collects the sunlight and turns it in to electricity.
BOP Solar panel Components:
Inverters take the low- voltage, high current signals from the panels and convert in to electricity.
It is used to control the amount of charge from solar panel into deep cycle battery bank.
Battery accumulates energy and stores it for use in absence of sunlight.
Affordable markup rate, Affordable insurance rates, Equity 20% minimum and Processing Fee Rs. 5000/
Financing tenure upto 5 years
Financing up to Rs. 3.0M
Fast track processing.
Age: 25-60 years
Minimum income :Rs. 40,000/-
Minimum Experience: 01 year for permanent & 03 years for contractual
Accounts: Salary account with any bank
Self-Employed Business Persons (SEB)/Professionals (SEP)
Minimum income: Rs. 50,000/-
Minimum Experience: 3 years
Required Documents for BOP Solar Scheme:
1- Copy of valid CNIC
2- Two recent passport size photographs
3- Bank statement (last 06 months for salaried persons and 01 year (for SEP/SEB)
4- Latest copy of utility bill of residence & office
5- Detail of existing loans from all sources
6- Documentary evidence of being in business or profession for the last 03 years
7- Copy of professional degree (for professionals)
You can take this facility from our consumer finance centers at Lahore, Multan, Karachi, Faisalabad, Peshawar, Karachi, Rawalpindi & Islamabad.
BOP Solar Application form:
If the cost of installing a solar panel system in your home is Rs 3 lakh and it saves Rs 30 thousand in electricity bills every year, divide it by 10. That is the return on your solar energy investment. It will take 10 years. Once the cost of the solar system is paid off, the savings are real. Generally, solar panels installed on homes have a lifespan of up to 25 years, but if care is taken, they can last longer. Work for a long time.