OCBC launches solar panel consumer loan for landed property home owners

Each homeowner can borrow up to S$30,000 with a tenure of between one and five years.
Each homeowner can borrow up to S$30,000 with a tenure of between one and five years.PHOTO: HOUSING AND DEVELOPMENT BOARD

SINGAPORE (THE BUSINESS TIMES) - OCBC Bank has launched a consumer loan for landed property home owners looking to install solar panels on their homes.

The loan facility, which is Singapore's first, provides these owners with a term-financing option for installing solar panels, defraying upfront costs to enable and accelerate clean energy adoption, the bank said in a press statement on Monday (Jan 11).

Each home owner can borrow up to $30,000, with a tenure of between one and five years to allow for greater flexibility on the repayment period, it added.

Moreover, the bank has exclusively partnered Sembcorp Industries' electricity retail arm Sembcorp Power to provide home owners with onsite solar panel installation assessment. Initial consultation costs will be borne by Sembcorp Power, OCBC said.

OCBC's head of consumer financial services Singapore Sunny Quek said offering this retail loan for solar panels is one of the key ways to introduce and improve the accessibility of a green and sustainable energy source to Singapore's landed property home owners.

"This is the first but an important step in getting people to relook the way they view electricity and we are glad to pioneer this loan," he said.

Sembcorp Energy Singapore head of consumer business Valerie Lee said the partnership with OCBC is a timely move to bring affordable clean energy to more consumers.

"Backed by a suite of sustainable solutions, Sembcorp Power is able to extend competitive electricity price plans and enable landed property home owners to get additional energy credits with their renewable energy certificates as they go green and enjoy further cost savings," she said.