Pag-IBIG Fund Now Covers Solar Panels at Home

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.

Solar Panels

While the initial investment may be daunting, solar panels are able to provide your home with electricity by harnessing the power of the sun, and pays off in the long run by making you less dependent on local power companies.

At present, these are part of the standard housing loan which requires the mortgage of the house, Berberabe added.

Read: “Costa Rica Now Completely Runs on Renewable Energy”.

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.

Solar Panels

The more progressive and forward-thinking Philippine real estate companies have started using solar panels to power common areas such as guard posts, street lights, and other facilities within a property.

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.

Read: “France Decrees New Rooftops Must Be Covered In Plants or Solar Panels”

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.

Solar Panels

An increasingly popular addition to homes these days, solar panels can supply a significant amount of power to any residential home.

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)

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