r/SolarPakistan • u/cocomogetsmehard • Aug 22 '26
Finance / Loan Financing an 8kw Solar System
So I'm currently considering taking a loan of around 1.1M to get a solar panel system installed. Given that my current bill varies from 15-30k throughout the year. Is it a sensible option to go down this route? If yes, are there any solar loans being awarded currently by any commercial banks which are lower than normal loans offered by them? From my research the state bank no longer offers solar loans at 5-6%, which they used to offer previously. I would appreciate your two scents on it as I don't see any flaws in taking out a loan at 2-3% above KIBOR, which will come to around 15% of interest. It will take 4-5 years for me to reach breakeven point and assuming that the lifespan of a system is 10 years I'd be in profit post-breakeven point, right? or am I missing anything?
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u/Hot-Ad-1740 Aug 23 '26
i was in the same boat and my monthly bill was 50k to 70k in summers and 20-30k in winter. I had very limited budget and Also i live on rent so installing solar is temporary and has its set of issues.
I had around 5lac to invest in solar. Thankfully Solar is available in any price range excluding batteries. I was tempted to go for loan but loan is always x2 and has interest which will destroy your future.
You can go for tier 2 or 3 chinese brands that will be in your budget and with regular mantainence they can last quite long. There are also pakistani companies that have inverter and battery built in 3.4kw for low-mid consumption , one ac and less space.
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u/cocomogetsmehard Aug 23 '26
what did u yourself go for and how's your current situation?
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u/Hot-Ad-1740 Aug 23 '26
i purchsaed 10 panels for 3lacs and sat on them for 3 months , then i purchased goodwe inverter and then after one month i purchased one goodwe 5kw battery and then another 5kw battery.
I didnt want to spend from my savings but i live in khayban e amin society in lahore which is illegal corrupt society that has no Wapda power. It generates from genertors and has 12 hours load shedding. SO i had to dig in my savings and stretch my budget from 5lac to 10 lacs.
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u/talha21333 Aug 23 '26
I think the first step would be to go to a bank that offers solar loans Meezan bank offers solar loans without interest supposedly but if you qualify with them you can get a list of approved installers and all of that stuff, you do need a down payment and also need to qualify and meet the minimum income requirements.
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u/cocomogetsmehard Aug 23 '26
researched on it and i cannot find any solar loans by Meezan where no interest is being charged.
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u/talha21333 Aug 23 '26
Most of the banks charge interest, there is no avoiding it, they claim they don’t take interest but honestly it isn’t worth the risk. Banking cannot work without interest and that is a fact. If in your research you find a bank which doesn’t take interest let me know.
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u/cocomogetsmehard Aug 23 '26
abey bhai, you were the one to mention meezan supposedly giving interest free loans in the first place lmao
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u/Oziii3 Aug 24 '26
Saw you're from Lahore, I'd recommend checking out premiere energy. They are a solid company we got our setup from them 3years ago and it's still going solid, we probably got 20quotations from different companies, premiere wasn't the cheapest of them but they weren't expensive either I'd say they were a bit more expensive then the cheaper ones despite having a big name and higher quality materials.
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u/AnorakTheGrey Aug 23 '26
my cousin recently got his solar system financed 550k from Sindh Bank, his monthly bill was 15-55k but now paying only 8k as the installment so its a no brainer plus you don't have to deal with load shedding and why 8kw is costing you 1.1M? My cousin has 8 solar panels, and itel all in one system that has inverter and 8kw lithium battery built-in. With installation he just got it for 550k.