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State Bank of Pakistan has initiated Solar Financing Pakistan, through Solar Financing in Pakistan you can get Rs. 500000/- PKR to PKR Rs. 10 million PKR. Through Solar Financing in Pakistan, we can facilitate our customers to purchase solar energy systems in Pakistan on easy monthly installments. SBP has issued revised criteria for SBP renewable energy financing in Pakistan in 2016. Through Solar Financing scheme, we can encourage people who are belonging to the industrial, commercial, residential, and agricultural sector to invest in renewable energy sources.ScopeThis program shall allow more people to use renewable energy sources, which will help in attaining a free and uninterrupted supply of electricity. The excess energy which is produced shall be available to other people through Net Metering so it will impact the whole nation.Eligibility CriteriaThe eligibility criteria to qualify for this program have been very simple and easy to cope with the original objective of the program that is to encourage more people to use renewable energy by making it affordable. The eligibility criteria contain only these two requirements:Must hold a Computerized National Identity Card (CNIC)Must be the owner of the business, and the house where the solar panel system is to be installed.If you cannot afford the solar system by paying right away, you can still afford to switch to solar with the help of the bank. Now the Solar Financing Banks in Pakistan provide monetary assistance under Solar Financing Scheme in Pakistan.List of Solar Financing Banks in PakistanJS BANKBANK of PunjabBANK of KhyberHabib Bank LimitedMeezan BankJS BANKJS bank is a well-known bank and a supporter of Green Energy. When SBP launched the solar financing scheme, JS bank initiated two different programs to help people take control of their energy production needs and contribute to a safer environment.The programs offered by JS Bank are as follows:• JS Apna Ghar Solar Financing Program (residential program)• JS Smart Roshni Program (commercial program)Both programs launched by JS Bank have the following similar features:FinancingBetween Rs. 300,000 and Rs. 20 million, depending upon the size of the project.EquityMinimum 25% of the total amountMark-up rate6% annuallyFinancing tenorBetween 3 and 5 yearsProcessing feeMinimum PKR 5,000/- or 0.5% of the loan amount (whichever of the two is higher will be taken)InsuranceInsurance offered through reputable partners at a preferential ratePrerequisites to Get Financing:• An account at JS Bank either Current or Savings• Fulfillment & signing of the loan application form• Obtain a quotation for a solar panel system from an authorized dealer• Two recent passport size photographs• Processing Fee Deposit Slip• Copy of CNIC• CF-1 Undertaking Form to be fulfilled• JS Solar Panel Key Fact Sheet of the program you have applied for• Documents showing the ownership of the property along with recent utility bills• Bank statements of a business or individual account• Active tax payee with NTN number (especially for businesses)BANK of PunjabThe Bank of Punjab have started their financial assistance program in compliance with the State Bank of Pakistan solar financing program to help people switch to solar. For this purpose, they are giving financial assistance to people who want to get solar panel systems for their homes. They have named the program BOP Solar Home.Features of the ProgramFinancingUp to Rs. 5 million or 50 lacs.EquityMinimum 20% of the financing amountMark-up rate6% annuallyFinancing tenorUp to 7 yearsProcessing feePKR 5,000 for processingPrerequisites to Get Financing:• Attainment and fulfillment of loan application form• Two recent passport size photographs• Copy of CNIC• Proof of ownership of the property with utility bills• Bank statements of the past six months• Active tax payee with NTN number• Proof of employment or business for the last 03 years in the form of pay slips or any transactions made• Copy of professional degree if any• Details of any other loans taken from any other sourceBANK of KhyberBOK gives financing for domestic customers and is performing their role for a cleaner and greener Pakistan under SBP’s solar financing scheme. Solar Financing scheme from Peshawar a great initiative by the bank of Khyber, and after its success, they expanded the program to provide solar financing at all their branches in Pakistan. The bank offers the program under the name “BOK Roshan Ghar Scheme”.Features of the ProgramFinancingFrom 50,000 to 20 million based on the category of the program under the SBP scheme.EquityMinimum 25% of the total financing amountMark-up rate6% per annumFinancing tenorStarting from 6 months up to 5 yearsProcessing feePKR 5,000 and FEDInsuranceThe bank offers insurance from Askari General Insurance Peshawar (0.3%+taxes)Prerequisites to Get Financing:• Fulfillment of financing application• Two recent passport size photographs• Copy of CNIC• Ownership of property document and the most recent utility bills• Bank statements of the past six months of the personal and business account• Active tax payee with NTN number• Proof of business or employment for the last 03 years• Copy of professional degree if anyHabib Bank LimitedHBL is the biggest bank with the vastest network of branches in Pakistan. The bank is providing financial assistance under the State Bank of Pakistan Solar Refinancing Scheme to address the rising energy crises in Pakistan. They are providing financing to mostly industrial clients in the following three categories, which are as follows:• Category-I: For industrial projects ranging from 1MW to 50 MW.• Category-II: For projects up to 1MW.• Category-III: For suppliers certified under the AEDB Certification Regulation 2018 that can install solar or wind projects on a lease basis or for selling of electricity to ultimate owners.Features of the ProgramFinancing• For category-I: PKR 06 billion for a single project.• For category-II: PKR 400 million for a single borrower.• For category-III: PKR 01 billion for a single supplier.EquityMinimum 25% of the total financing amountMark-up rateOnly 6% per yearFinancing tenorThe financing tenor is different for every category and is as following:• Category-I: Maximum 12 years (including 02 years grace period).• Category-II: Maximum of ten years (including 03 months grace period).• Category-III: Maximum of ten years.Prerequisites to Get Financing:• Fulfillment and signing of loan financing application• Two recent passport size photographs of the applier• Copy of CNIC• Ownership of Property documents along with the latest utility Bill & Electricity Bill• Bank statements of the past six months of a business or personal account• Active tax payee with NTN number• Details of any loans taken from all other sourcesPakistan has been facing energy crises as well as environmental degradation with the use of non-renewable resources. The price of electricity is increasing rapidly, and economic growth is declining. To counter these problems, SBP started the Solar Financing Pakistan so industries, and homeowners can invest in renewable energy with the help of an investment from banks. State Bank of Pakistan has initiated the Green Banking program to incorporate environmental contemplations in banking operations, services, and funding.Solar System on Installments in Lahore, Peshawar, and Allover PakistanWe encourage the people of Pakistan to install Solar systems on Installments in Pakistan because the benefits of going solar outweigh the monthly installments as you can have lifetime savings for a financing period of around 5-7 years.MEEZAN SOLARPower Your Home with Shariah-Compliant Solar Panel FinancingMeezan Solar offers financing of complete solar panel systems for your home. Lower your monthly electricity bill by up to 50%, by availing an interest-free solar financing solution. Meezan solar is based on State Bank of Pakistan’s Islamic Refinance Scheme and is ideal for homeowners for generating their own source of power. Through net metering, excess power generated by solar energy may also be sold back to the national electricity grid, resulting in a greener environment.Eligibility CriteriaSalaried Individual• Age of applicant: Minimum 20 years and maximum 60 years or upto the age of retirement at maturity• Age of co-applicant: Maximum 75 years• Nationality: Pakistani, adult, permanent resident, CNIC holder• Employment status: Must be permanent• Income: Minimum monthly gross salary PKR 100,000• Tax payee: Must be an active tax payee with NTN number• Job Tenure: Current employment for at least 2 continuous years• Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place• Income assessment: Through payslip, bank statement, appointment letter, employment letter and / or audited financial (in case applicant is a paid director)• References: Two references required• Financing for flats: Financing for flats / apartments is not available.• Account in Meezan Bank: Mandatory. If applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.• Maximum Debt Burden Ratio (DBR):• 40% for new to industry or having a credit history less than 12 months• 45% for customers having established history of 12 months or moreSelf-employed Businessman• Age of applicant: Minimum 20 years and maximum 65 years at maturity of financing.• Age of co-applicant: Maximum 75 years• Nationality: Pakistani, adult, permanent resident, CNIC holder• Income: Minimum monthly gross income PKR 200,000• Tax payee: Must be an active tax payee with NTN number• Business Tenure: At least 2 years in same business• Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place• Income assessment: Through Bank statement, Audited Accounts, Tax returns. Etc• References: Two references required• Financing for flats: Financing for flats / apartments is not available.• Account in Meezan Bank: Mandatory. If applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.• Maximum Debt Burden Ratio (DBR):• 40% for new to industry or having a credit history less than 12 months• 45% for customers having established history of 12 months or more.Pension* Income• Age of applicant: Maximum 70 years at maturity of financing.• Age of co-applicant: Maximum 75 years• Nationality: Pakistani, adult, permanent resident, CNIC holder• Employment status: Retired** pension holder• Income: Minimum monthly gross pension PKR 100,000• Tax payee: Must be an active tax payee with NTN number• Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place• Income assessment: Through pension book, bank statement, documents required from a salaried individual if applicant is still working and getting retired in financing period. Etc• References: Two references required• Financing for flats: Financing for flats / apartments is not available.• Account in Meezan Bank: Mandatory. If applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.• Maximum Debt Burden Ratio (DBR):• 40% for new to industry or having a credit history less than 12 months• 45% for customers having established history of 12 months or more• Pension cases will be allowed only on one-off basis.• ** For an applicant who is currently on job and is getting retired within financing period, financing may be allowed for a tenure in which min 75% installments should be paid within employment period and 25% after retirement.