Members of the Government Service Insurance System (GSIS) will soon be able to apply for a loan of up to ₱500,000 to install solar panels at home.
The new program, called the Ginhawa Solar Energy Loan (GSEL), aims to help government employees invest in renewable energy and reduce their electricity costs.
The initiative is part of the government’s efforts to promote clean energy solutions and protect households from rising power costs caused by global energy price fluctuations.
GSIS Allocates ₱12.5 Billion for Solar Loan Program
GSIS announced that its board of trustees has allocated ₱12.5 billion for the implementation of the solar energy loan program.
An additional ₱60 million has also been set aside to provide insurance coverage for solar installations under the program.
Loan Amount, Interest Rate, and Payment Terms
Under the Ginhawa Solar Energy Loan, qualified GSIS members may borrow up to ₱500,000 to install photovoltaic or solar power systems.
Key features of the program include:
- Maximum Loan Amount: ₱500,000
- Interest Rate: 5% per year (fixed)
- Repayment Period: 5 years
For borrowers who take the maximum loan amount, the estimated monthly payment is around ₱10,416.67.
GSIS also announced that standard service fees will be waived to encourage more members to participate in the program.
Free Insurance Coverage for Solar Installations
To protect members from potential risks, GSIS will provide three years of free insurance coverage for the installed solar systems.
The insurance policy will cover damages caused by:
- Fire
- Earthquake
- Lightning
- Typhoons
The insurance coverage will begin once the borrower submits proof of completed solar panel installation.
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Opportunity to Sell Excess Electricity
GSIS explained that homeowners who install solar panels may also benefit from the country’s net-metering system.
This allows households to sell excess electricity back to the national power grid, which can help reduce electricity bills and shorten the payback period of the solar investment.
Who Can Apply for the Solar Energy Loan?
The loan program is available to active GSIS members who meet the following qualifications:
- Permanent, regular, or non-career government employees
- With at least three years of government service
Applicants will submit their loan applications through the GSIS Touch mobile application, where they must upload documents such as supplier quotations or installation contracts.
Pilot Implementation for Three Years
The Ginhawa Solar Energy Loan Program will initially run as a three-year pilot program.
GSIS will evaluate the results of the program before deciding whether to make it a permanent lending facility for its members.
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