Loans for domestic solar panels extended to all consumers

solar panel power

Mar 23, 2017 (LBO) – Sri Lanka’s power ministry will extend the loan scheme for the installation of domestic solar panels to all electricity consumers in the island.

The scheme known as “Soorya Bala Sangramaya” was initially introduced for consumers who receive a monthly bill of more than 2,000 rupees.

It has now been decided to grant relief to all consumers, because 40 percent of consumers average monthly bills of less than 300 rupees.

The power ministry has also increased the loan limit from 150,000 rupees to 350,000 rupees, which can be obtained from state or private bank under this scheme.

Fifty percent of the loan interest rate, or the maximum concessionary interest rate of 6 percent (whichever has lower value), will be paid as concessionary loan interest to consumers.

At least 400,000 rupees should be invested for a 2KW solar power system installation in a home.

The project is being implemented with 15MW of solar power generation systems being installed in around 3,000 houses.

Under “Soorya Bala Sangramaya” it is planned to install solar power systems on one million homes using net metering, net accounting and net plus methods.

Net Metering approach and Net Accounting approach are suitable for electricity consumers who have upper end or medium levels of income while net plus method has been proposed for low income families.

As per the power ministry, the amount of electricity generated in Sri Lanka using solar power is around 29 Gigawatt hours (GWh).

The amount of electricity produced and added to the national grid per day by citizens who have installed solar cells in their homes or commercial buildings is about 78 megawatt hours (Mwh).