Prime-Minister-Solar-Panel-Scheme

Prime Minister Solar Panel Scheme 2024 | Solar Tubewell Scheme

In an effort to promote renewable energy and support sustainable development, the government of Pakistan has launched a solar panel scheme for 2024.

Through collaboration with the State Bank of Pakistan (SBP), the scheme offers a unique financing opportunity based on Islamic principles.

Eligible applicants can secure funding ranging from Rs. 400 million to a remarkable Rs. 6 billion, with an attractive markup rate of 6% and a flexible repayment period of up to 12 years.

Solar Panel Scheme also facilitates the installation of renewable energy-based projects under the net metering system introduced by the National Electric Power Regulatory Authority (NEPRA).

Recommended Reading: PM Youth Laptop Scheme 2023 Online Apply | Shahbaz Sharif Laptop Scheme

Prime Minister Solar Panel Scheme Pakistan | Solar Tubewell Scheme

Prime-Minister-Solar-Panel-Scheme
Prime-Minister-Solar-Panel-Scheme

Table of Contents

Solar Panel Scheme Categories

The Solar Panel Scheme introduced by the government of Pakistan offers three distinct categories, each catering to different types of applicants and their specific goals in the renewable energy sector.

Here are the details for each category:

Recommended Reading: Prime Minister Youth Loan Scheme 2023 Online Apply {Updated}

Category I

Solar-Panel-Scheme-Category-I
Solar-Panel-Scheme-Category-I

  • This category is designed for applicants who wish to establish renewable energy power units.
  • The capacity allowed for this category ranges from 1 MW to a maximum of 50 MW, enabling individuals and businesses to generate their own electricity and even sell excess power to the national grid.
  • The financing period extends up to 12 years, including a generous grace period of 2 years, providing ample time for project implementation and stabilization.
  • Applicants in Category I can access funding of up to PKR 6 billion, empowering them to embark on large-scale renewable energy initiatives.

Category II

Solar-Panel-Scheme-Category-II
Solar-Panel-Scheme-Category-II

  • Sponsors interested in installing renewable energy source-based projects can benefit from Category II.
  • The capacity limit for this category is set at 1 MW, allowing sponsors to generate electricity for their own use or sell it to the distribution company as per NEPRA’s Net Metering Regulations.
  • The maximum financing tenor for Category II is 10 years, providing a reasonable timeframe for repayment and return on investment.
  • A grace period of 3 months is granted to applicants, enabling them to initiate their projects and stabilize operations before commencing full repayment.
  • Under Category II, sponsors can secure financing of up to PKR 400 million, facilitating the implementation of medium-scale renewable energy ventures.

Category III

Solar-Panel-Scheme-Category-III
Solar-Panel-Scheme-Category-III

  • Category III targets Renewable Energy Investment Entities (RE-IEs) seeking financing for their renewable energy projects.
  • The allowable capacity for this category is 5 MW, with the option to sell electricity or engage in activities such as leasing, renting out, or selling the generated power.
  • The maximum financing tenor for Category III is set at 10 years, providing an extended period for project development and financial sustainability.
  • Applicants under Category III are granted a grace period of 6 months, allowing them to prepare for full-scale operations before initiating repayment.
  • Financing of up to PKR 2 billion is available for Renewable Energy Investment Entities, enabling them to pursue large-scale renewable energy projects with substantial financial support.

Recommended Reading: Free! Medical Treatment Pakistan Bait-ul-Mal {Checkup+Operation+Medicine}

How To Apply For Solar Panel Scheme?

Solar-Panel-Scheme-Application-Form
Solar-Panel-Scheme-Application-Form

To apply for the Solar Panel Scheme, follow these step-by-step instructions:

  • Obtain the application form: Visit the nearest branch of the State Bank of Pakistan (SBP) or access the official website of SBP at https://www.sbp.org.pk/ to download the application form. Ensure that you have the latest version of the form.
  • Fill out the application form: Carefully complete the application form by providing accurate personal and professional/business details. Include information such as your name, contact information, identification details, business details (if applicable), and the category of the Solar Panel Scheme you are applying for.
  • Prepare the required documents: Gather the necessary documents as specified in the application form and guidelines provided by SBP. These documents may include identification proof, proof of residence, business registration documents (if applicable), financial statements, project details, and any other relevant supporting documents. Make sure to check the specific requirements for your chosen category of the Solar Panel Scheme.
  • Submit the application form and documents: Once you have completed the application form and gathered the required documents, submit them to the designated SBP office. This can be done either in person at the nearest SBP branch or through the specified submission process on the SBP’s official website. Ensure that all the documents are properly organized and submitted along with the application form.
  • Await approval: After submitting your application, the SBP will review the provided information and documents. The approval process may involve a thorough evaluation of your eligibility and the feasibility of your solar panel project. The duration of the approval process may vary, so it is advisable to be patient during this stage. You may also want to keep track of any updates or notifications from SBP regarding the status of your application.
  • Receive confirmation and funding: If your application is approved, you will receive a confirmation from SBP. This confirmation will outline the terms and conditions of the financing, including the approved amount, repayment schedule, and other relevant details. Once you have received the confirmation, you can proceed with the implementation of your solar panel project, utilizing the approved funding to set up and install the renewable energy system.

Recommended Reading: NBP Student Loan Scheme (Interest-Free Loans) {Updated}

Solar Panel Scheme FAQs

What is the Prime Minister Solar Panel Scheme in Pakistan?

The Solar Panel Scheme is a government initiative introduced in Pakistan to promote the adoption of renewable energy, specifically solar power.

It provides individuals, businesses, and Renewable Energy Investment Entities (RE-IEs) with financing options and support for the installation of solar panels and renewable energy projects.

What are the eligibility criteria for Category I of the Solar Panel Scheme?

Category I is designed for applicants who want to set up renewable energy power units. The capacity allowed in this category ranges from 1 MW to a maximum of 50 MW for their own use or selling electricity to the national grid.

The financing tenor is 12 years, including a maximum grace period of 2 years, and the maximum financing available is up to PKR 6 billion.

Who can apply for Category II of the Solar Panel Scheme?

Category II is open to sponsors interested in installing renewable energy source-based projects.

The capacity limit in this category is set at 1 MW, and the projects can be for the sponsor’s own use or for selling electricity to the distribution company under NEPRA’s Net Metering Regulations.

The maximum financing tenor is 10 years, with a grace period of 3 months, and the maximum financing available is up to PKR 400 million.

What are the eligibility requirements for Category III of the Solar Panel Scheme?

Category III is specifically for Renewable Energy Investment Entities (RE-IEs) seeking financing for renewable energy projects.

The capacity allowed in this category is 5 MW, and the projects can involve selling electricity or engaging in activities such as leasing, renting out, or selling the generated power.

The maximum financing tenor is 10 years, with a grace period of 6 months, and the maximum financing available is up to PKR 2 billion.

How can I apply for the Solar Panel Scheme?

To apply for the Solar Panel Scheme, interested individuals or entities can follow the guidelines and procedures provided by the State Bank of Pakistan (SBP).

They will need to submit the necessary documentation and meet the eligibility criteria of the respective category they are applying for.

What is the interest rate for the Solar Panel Scheme financing?

The markup rate for the Solar Panel Scheme financing is set at 6% for all categories. This competitive interest rate aims to provide affordable financing options to encourage the adoption of solar power and renewable energy solutions.

Can I install solar panels for residential use under the Solar Panel Scheme?

Yes, under Category II of the Solar Panel Scheme, sponsors can install solar panels for their own residential use and potentially sell excess electricity to the distribution company under NEPRA’s Net Metering Regulations.

The financing available for residential solar projects is up to PKR 400 million.

Can the Solar Panel Scheme facilitate the installation of renewable energy projects under the net metering system?

Yes, the Solar Panel Scheme recognizes the importance of the net metering system in promoting renewable energy.

It facilitates the installation of renewable energy-based solutions and projects under the net metering system introduced by the National Electric Power Regulatory Authority (NEPRA).

Maximum Amount of funding that is issued under the Solar Tubewell Scheme?

The maximum amount of funding issued under the Solar Tubewell Scheme is PKR 2.5 Million per applicant, for solar tubewell or Biogas Plant.

What types of projects can applicants apply for under the Solar Panel Scheme?

The scheme provides funding and support for three distinct types of projects:

Category I: Large-Scale Renewable Energy Power Units – This category is designed for ambitious renewable energy projects with substantial capacity, ranging from 1 MW to an impressive 50 MW. It targets those interested in establishing significant solar power plants capable of contributing significantly to the national energy grid.

Category II: Smaller-Scale Projects – This category caters to projects with a capacity limit of 1 MW, making it ideal for smaller businesses, individual sponsors, and entities interested in initiating moderate-sized solar installations. It offers an opportunity for wider participation in solar energy adoption.

Category III: Specialized Renewable Energy Investment Entities (RE-IEs) – Category III focuses on specialized entities dedicated to renewable energy development. Projects within this category have a capacity of up to 5 MW, allowing RE-IEs to undertake mid-sized solar energy initiatives with government backing

Maximum funding under the Prime Minister Solar Panel Scheme?

After successful review and acceptance of the application candidates can get up to 6Billion in funding for solar panel plants under the Prime Minister Solar Panel Scheme.

If you like this article, please comment and share this article with others on Facebook, WhatsApp, or any other platform.

If you have any questions contact us (email) at Contact@personalloan.pk | Personalloan.pk@gmail.com or leave us a comment, we would love to answer all of your queries. Thanks for reading!

Add a Comment

Your email address will not be published. Required fields are marked *