The Ministry of Electricity directs to waive interest on loans for purchasing solar energy systems for homes.
The Ministry of Electricity directs to waive interest on loans for purchasing solar energy systems for homes.
2025-05-18
The Ministry of Electricity announced on Sunday that it is moving to waive interest on loans for purchasing solar energy systems for homes. Ministry spokesman Ahmed Moussa explained to the official news agency that “the Ministry of Electricity has launched an electronic link via the (OR) platform, allowing citizens to select the 24 companies implementing the home solar energy initiative.”
He also explained that “the link allows citizens to access the advertising companies’ websites, select the product, offer, efficiency, and capacity, and then register with one of these companies,” noting that “the link facilitates the process of viewing details of offers, products, transaction mechanisms, and even prices.”
He pointed out that “the interest rate in this project ranges between 0.5% and 2.5%, and may sometimes reach 3%,” explaining that “0.5% is the interest rate of the Central Bank, as it is the financing entity and the initiator, while the interest rate of the banks sponsoring the loans reaches 2.5%, and may be less than that depending on the nature of the loan, reaching 2% or even 1.5%.”
Moussa called on citizens to “visit the link and review the approved companies and their available offers, as well as the interest rates they offer,” stressing that “the link is an important tool for learning all the details of the initiative.”
He also noted that “the government is currently studying the possibility of waiving interest for citizens, especially since a large part of the initiative focuses on installing solar energy systems in homes,” noting that “the repayment period has been extended from five to seven years, with a flexible payment mechanism adopted to ease the burden on citizens.”
Musa noted that “citizens are in high demand for solar panels, and therefore the Ministry of Electricity has decided to increase the number of companies approved to implement the project to 24 and officially submit them to the Central Bank.”
He continued, “A new batch of companies will be announced later, reflecting the ministry’s move to increase the number of approved companies to facilitate citizen review and accelerate the implementation of the systems.” He emphasized that “this expansion will contribute to reducing the time required to complete projects.”
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