More and more people have been trying out solar panels to cut down on energy costs. Now the Philippine government is making it even easier for you to green up your home.
“Purchase and installation of solar panels may be financed by our Home Improvement Loan.”
–Darlene Marie Berberabe, Pag-IBIG president and CEO
The state-owned Home Development Mutual Fund (Pag-IBIG) has now made it possible for you to apply for a loan to purchase and install solar panels, says Darlene Marie Berberabe, PAG-IBIG’s president and CEO, in an interview with GMA News Online.
At present, these are part of the standard housing loan which requires the mortgage of the house, Berberabe added.
Solar Powered Mass Housing Project
In the same report by GMA News Online, a real estate company has announced the launch of a solar-powered mass housing community in the country in January next year, the first of its kind.
Imperial Homes Corporation (IHC) had begun construction on a mass housing project in a five-hectare IHC property in Santo Tomas, Batangas with 1,000 low-cost housing units, with a 500-watt solar panel installed in each home.
IHC president and CEO Emma Imperial said she has been working with Pag-IBIG to ask the agency to include purchase and installation of solar panels in the home improvement loan.
A Pag-IBIG fund member who wants to purchase a 1-kilowatt solar panel unit, may borrow P130,000 from the agency and it will be amortized in 20 to 25 years, according to Imperial.
The Santo Tomas mass housing project is expected to have at least 20 units completed by January, with the remaining 980 units going for a 2018 target completion date.
IHC has partnered with Enfinity Group, which will provide 1,000 solar panels worth $1 million. IHC plans to build similar solar-powered communities in Iriga City, Camarines Sur and in Cabanatuan City, Nueva Ecija.
(Source: GMA News Online)