The Government Service Insurance System (GSIS) will soon launch a loan program to help government employees install solar panels in their homes.
Called the Ginhawa Solar Energy Loan (GSEL), the program will allow qualified members to borrow up to P500,000 to pay for solar panel systems. The initiative supports the government’s push for energy conservation as rising tensions in the Middle East drive up global oil prices and electricity costs.
The loan will have a 5 percent annual interest rate and can be paid over five years through 60 monthly installments. There will be no service fee, and a P500,000 loan will require a monthly payment of P10,416.67.
Solar systems purchased through the program will also include three years of free insurance coverage against fire, earthquake, lightning, and typhoon once installation is completed and reported to GSIS.
The GSIS board has approved P12.5 billion for the loan program and P60 million to cover insurance for installations.
Applications will be done entirely through the GSIS Touch mobile app. Members will be able to upload supplier quotations, installation contracts, or receipts for reimbursement.
Households that install solar panels may also benefit from the government’s Net Metering Program (Philippines), which allows users to sell excess electricity back to the power grid.
GSIS President and General Manager Wick Veloso said the program will help members manage rising electricity costs while investing in renewable energy.
The loan program will run for three years, after which GSIS will review its performance to decide whether it should continue.
To qualify, applicants must be active GSIS members with permanent, regular, or non-career status and must have at least three years of government service. Further details will be announced soon.
