GSIS to roll out ‘green’ loans for solar homes
The Government Service Insurance System (GSIS) will roll out a program that will allow government workers to install solar panels at home as part of efforts to conserve energy amid rising global oil prices linked to the Middle East war.
In a statement on Wednesday, the state insurer said government employees may borrow up to P500,000 under the Ginhawa Solar Energy Loan (GSEL).
The loan carries a 5-percent annual interest rate, payable over five years in 60 equal monthly installments. A maximum of P500,000 loan will have a monthly amortization of P10,416.67.
Those who install solar panels may also take advantage of the government’s net metering system, which allows households to sell excess electricity back to the grid.
The financing program comes as the Marcos administration ordered government offices and households to implement energy-saving measures as the Middle East war continues to jack up global oil prices.
“The program is a green loan initiative that promotes the use of renewable energy, helping government employees reduce their carbon footprint while lowering household electricity costs,” GSIS said.
According to GSIS, solar panel systems financed under the GSEL will be insured for three years against fire, earthquake, lightning and typhoon at no cost to borrowers.
The GSIS board has allotted P12.5 billion for the loan program and P60 million to cover insurance.
Applications will be processed through the GSIS Touch mobile app, where members may upload supplier quotations, installation contracts or official receipts for reimbursement.
The program will initially run for three years, after which GSIS will evaluate whether it should be extended.
Eligible borrowers include active GSIS members with permanent, regular or noncareer status who have been in government service for at least three years.
