GSIS offers up to P500,000 loan to gov't workers for solar panels in homes
The Government Service Insurance System will offer loans worth up to P500,000 to government workers to install solar panels in their homes.
The financing program, titled Ginhawa Solar Energy Loan, allows government employees to borrow at a 5% annual interest rate, payable over five years in 60 equal monthly installments, excluding any service fees, to install solar panels in their homes.
Under the program, borrowers will receive three years of free insurance for solar panel systems covering protection against fire, earthquakes, lightning, and typhoons, per a Philippine News Agency report.
Households with solar panels may also benefit from the government’s net metering system, which allows them to sell excess electricity back to the grid to further lower energy costs.
The GSIS Board of Trustees has set aside P12.5 billion for the loans and P60 million to cover insurance costs.
Members can apply entirely through the GSIS Touch app. This is where they will be asked to upload supplier estimates, installation contracts, or official receipts for reimbursement. Coverage begins once GSIS is notified and installation is verified.
The GSEL is part of the government's efforts for energy conservation, especially with the ongoing tensions in the Middle East that are driving up fuel and electricity costs.
It also helps government employees decrease their carbon footprint and save on household electricity expenses.
The program is set to operate for an initial three years, after which GSIS will review its results to decide on a possible continuation.
Eligible applicants are active GSIS members with permanent, regular, or non-career positions who have served in government for a minimum of three years.
Further details have yet to be announced, per the agency.
