OCBC offers Singapore’s first solar panel consumer loan

12 Jan 2021

To finance the installation of solar panels and accelerate the adoption of clean energy, each homeowner can borrow up to $30,000 with a tenure of one to five years.

OCBC has launched Singapore’s first consumer loan for landed property homeowners eyeing to install solar panels on their houses, reported The Business Times (BT).

The loan facility offers such owners with a term-financing option for the installation of solar panels, defraying upfront costs to accelerate the adoption of clean energy.

Each homeowner can borrow up to $30,000 with a tenure of one to five years, to provide borrowers greater flexibility on the repayment period.

Recommended article: Solar Panels Ranked As the Top Sustainable Home Feature Singaporeans Want

The bank has entered into an exclusive partnership with Sembcorp Power, the electric retail arm of Sembcorp Industries, to provide homeowners with onsite solar panel installation assessment. OCBC revealed that Sembcorp Power will shoulder the initial consultation costs.

Sunny Quek, Head of Consumer Financial Services, Singapore, at OCBC, said this retail loan offering for solar panels is one of the key ways at introducing and improving accessibility to a green and sustainable energy source for Singapore’s landed property homeowners.

“This is the first but an important step in getting people to relook the way they view electricity and we are glad to pioneer this loan,” he said as quoted by BT.

Suggested read: Run An Eco-Friendly Household? Here Are 6 Electricity Retailers for Green Electricity

Valerie Lee, Singapore Head of Consumer Business at Sembcorp Energy, described the partnership as a timely move to bring affordable clean energy to more consumers.

“Backed by a suite of sustainable solutions, Sembcorp Power is able to extend competitive electricity price plans and enable landed property homeowners to get additional energy credits with their renewable energy certificates as they go green and enjoy further cost savings,” she added as quoted by BT.

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