‘UMB Solar Loan’ launched to assist public access free solar panels
Universal Merchant Bank (UMB), in partnership with the Energy Commission, has launched the UMB Solar Loan.
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The move is to give interested parties who cannot afford the various components that complete the installation of the free solar panel an opportunity to do so through a loan offered by the bank in a bid to enrich the lives of Ghanaians and help diversify Ghana’s utilisation of energy sources.
Free solar panels
The Ministry of Power, through the Energy Commission, is implementing a Rooftop Solar Programme with the primary objective of distributing 200,000 free solar panels to residential facilities to reduce the pressure on the national grid.
However, to qualify for the free solar panels, individuals must have installed the required inverters, batteries and charge controllers.
In a release issued in Accra, the Chief Executive Officer of UMB, Mr John Awuah, commented on the Rooftop Solar Programme by stating that “organisations and individuals are critically reviewing ways of reducing their expenditure on electricity consumption. UMB is, therefore, helping individuals who wish to receive the free solar panels by providing fast and affordable loans to assist them in purchasing the inverters and batteries required for the installation of the solar panels.”
The Head of Personal Banking, Mr Jeffrey Odame Yeboah, also outlined the requirements for prospective beneficiaries to qualify for the free solar panels.
“Prospective beneficiaries must pick up an application form from the office of the Energy Commission or visit its website to fill an application online. Once approval is received from the Energy Commission, UMB will provide the funds required to purchase the required inverters, batteries, charge controllers, changeover switch and wires. The solar panels will then be installed by the Energy Commission free of charge,” he said.
Mr Odame Yeboah further encouraged the general public to take advantage of the Solar Rooftop programme and also to visit any UMB branch or call the office to find out more about the UMB Solar Loan.
