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Saturday, April 13, 2024

JS Smart Roshni: Lighting Pakistan one solar panel at a time!

JS Bank recently launched its newest product that allows financing of commercial and domestic solar panel installation on a mark up as low as 6%. Such out-of-the-box banking solutions are quite an achievement for the commercial banks of Pakistan and not just JS itself.

In its effort to enable widespread enterprise financing in Pakistan, JS Bank has introduced several market-specific products that did not receive any attention earlier. One of the newest of such products, called ‘JS Smart Roshni – Solar Panel Financing’, focuses on providing easy loans for installing domestic solar paneling.

JS Smart Roshni is a smart solar panel financing solution, enabling businesses, industries and residences to reduce dependence on the grid for energy requirements. This product provides term loan financing facility at a highly subsidized mark-up rate of only 6% per annum.

Solar power is one avenue where Pakistanis have found the ultimate solution to the ongoing energy crisis. It requires no external input – other than sunlight – and can operate flawlessly for years and years. The general impression of solar energy is that it’s expensive – which it is – but probably not as much as one might think. The cost that solar energy can save you in the long-run brings you equally good Return on Investment (ROI) for well-structured investments made today.

How to install solar panels:

There are five major steps to a domestic/commercial solar installation that your chosen solar company will generally follow:

  • Engineering site visit
  • Permits and documentation
  • Ordering equipment
  • Solar panel installation
  • Approval and interconnection

However, JS Bank provides you a one-window solution where they can take responsibility of arranging inspections and authorized vendors along with the loan in discussion. This makes the whole transition a lot less cumbersome as compared to taking the responsibility on our own.

On an average, from the day you sign your contract with your installer, it will typically take over three months before your solar panels are grid-connected and producing energy for your home. Below are three things that you will need during the entire setup:

  • Solar Panels

Solar panels are those black plates installed on roof tops. These panels are responsible for converting the sun-shine into electric energy. These solar panels come on per watts basis, that is, a solar panel can be of 100 watts. Putting two such panels will get you 200 watts and so on.

  • Batteries

Batteries are required to store electricity for night-time load shedding. During day time your system will power up the appliances, but you have to store energy to make sure that appliances are powered smoothly during night time load-shedding when solar-plant isn’t producing any electricity.

  • Inverters

Inverters are used to convert electricity into a form that is usable by our appliances.

For a list of reliable vendors and service providers, visit JS Bank’s website.

Advantages of Solar paneling

Did you know that the energy sun provides to the earth for one hour could meet the global energy needs for one year? Undoubtedly, the sun is a powerful energy source, and even though we are not able but to collect a fraction of this energy, yet harnessing this power by installing solar panels can make a significant difference to the planet. While it has been widely criticized for being expensive or inefficient, solar energy has now proved to be extremely beneficial – not only for the environment but also for private economy. Here are some of the major advantages:

Read more: Kamyab Jawan: JS bank partners with UNDP to empower youth

1. Renewable Energy Source

Among all the benefits of solar panels, the most important thing is that solar energy is a truly renewable energy source. We cannot run out of solar energy, unlike gas, petrol, coal etc. Solar energy will be accessible as long as we have the sun, therefore sunlight will be available to us for at least 5 billion years!

2. Reduces Electricity Bills

Since you will be meeting some of your energy needs with the electricity your solar system has generated, your energy bills will drop. How much you save on your bill will be dependent on the size of the solar system and your electricity or heat usage.

3. Opportunity to sell electricity

Not only will you be saving on the electricity bill, there is also a possibility to receive payments for the surplus energy that you export back to the grid. If you generate more electricity than you use, depending on the power output of your solar unit, you can start making profits and recover the cost of installation sooner than expected (considering that your solar panel system is connected to the grid).

4. Diverse Applications

Solar energy can be used for diverse purposes. You can generate electricity (photovoltaics) or heat (solar thermal). Solar energy can be used to produce electricity in areas without access to the energy grid, to distill water in regions with limited clean water supplies and to power satellites in space.

5. Low Maintenance Costs

Solar energy systems generally don’t require a lot of maintenance. You only need to keep them relatively clean, so cleaning them a couple of times per year will do the job. If in doubt, you can always hire cleaners for it or make a deal with the installation company for yearly maintenance. Most reliable solar panel manufacturers offer 20-25 years warranty.

Moreover, since there are no moving parts, there is no wear and tear. The inverter is usually the only part that needs to be changed after 5-10 years because it is continuously working to convert solar energy into electricity and heat (solar PV vs. solar thermal). Apart from the inverter, the cables also need maintenance to ensure your solar power system runs at maximum efficiency. So, after covering the initial cost of the solar system, you can expect very little spending on maintenance and repair work.

Read more: JS Khud Mukhtar: Empowering women across Pakistan!

Sure, the initial cost of purchasing a solar system is fairly high, but it is a lucrative investment in the long run. With the support of JS Bank, we can play our part in decreasing our carbon footprint on the planet!