5kW solar setup offered with affordable 3-year installments

KARACHI: Meezan Bank provides complete home solar panel system financing, which includes multiple payment options for customers.

The bank establishes distinct eligibility criteria while developing two different financing options, which are available to both salaried employees and business proprietors.

Meezan Bank Solar System 3-Year Installment Plan

A complete solar system package for salaried individuals costs Rs500000. Salaried individuals can access a solar panel payment plan, which includes a total quotation amount of Rs500000.

The scheme requires an upfront down payment of 25% or Rs125000, while the remaining cost is payable over a three-year tenure through monthly installments.

Repayments will start in May 2026, according to the initial schedule, which shows that the first monthly payment amount will be Rs 14898 and the second payment will be Rs 14919 in June 2026.

The monthly installment amounts experience minor changes throughout the upcoming months, which will result in payments of Rs 14649 for July, Rs 14662 for August, and Rs 14533 for September 2026.

The monthly payment amounts show a consistent decline, which starts in late 2026 and continues through 2027 because the payments will decrease from Rs 14276 in October and November 2026 to Rs 12533 by December 2027.

The schedule shows small payment changes that take place each month, while payments increase at a steady pace throughout the duration of time.

The year 2028 will start with monthly payments that begin at Rs 12475 in January and will decrease to Rs 11039 by December 2028. The final year of the plan shows a continuation of the downward trend that started in previous years.

The monthly payments for 2029 will reach a new low, which begins with a January payment of Rs 10931 and ends with an April 2029 payment of Rs 10545, which represents the final installment according to the established schedule.

Due to rising temperatures and heatwave warnings for the next few days, a number of people are considering using solar energy to avoid the adverse effects of the harsh weather.

However, many middle- and lower-middle-class families who do not have adequate funds have now started to opt for Shariah-compliant installments to get solar energy plants installed as an attempt to find cheaper ways to deal with electricity expenses and power cuts.

The Sindh government has launched its Solar Home System (SHS) project in four districts, at a ceremony in Khairpur attended by lawmakers, officials, and local beneficiaries.

Introduced by the Sindh Energy Department under its special initiatives for renewable energy, the project aims to distribute 275,000 solar kits free of cost to low-income households in both on-grid and off-grid areas.

A total of 132,000 off-grid systems and 143,000 on-grid systems are being distributed through the Sindh Rural Support Organization. In Khairpur, MPA Barrister Halar Khan Wasan and Barrister Shiraz Shaukat Rajpar, along with former MNA Nawab Khan Wasan, distributed mock solar kits among beneficiaries.

Addressing the ceremony, he said that the initiative aims to increase access to sustainable energy and help households with reliable power solutions.

The ceremony was attended by Additional Secretary Energy Sindh Junaid Iqbal Khan and Deputy Commissioner Khairpur Altaf Chachar, along with other officials from SRSO, district administration, and media representatives.

Similar ceremonies were held simultaneously in Larkana, Qambar, Shahdadkot, and Shikarpur, with around 100 beneficiaries attending each district-level ceremony.

Each solar kit includes a 180-watt solar panel, a DC fan, three LED lights, a charge controller, a mobile charging facility, and a 50 Ah lithium battery with an inverter, designed to meet basic household energy needs۔