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Bank Muscat offers financing for installation of solar panels

11 Aug 2021

Bank Muscat has announced that its customers can continue to make use of its Green Finance initiative to purchase and install residential solar panels.

Launched earlier in association with the International Finance Corporation (IFC), the bank’s Green Finance facility aims to promote sustainable practices and renewable energy in the sultanate in the place of fossil fuels. The bank is thus targeting increased awareness sustainable consumer practices and increase energy savings.

Green Finance initiative encourages customers to install solar panels on their rooftops and use solar energy for a large part of their household energy requirements. 

Under the scheme, loans ranging from RO1,000 to RO25,000 are being given to eligible individuals at highly competitive interest rates subject to a maximum debt burden ratio of 50 per cent. Loans under the scheme are available for a maximum of five years.

Abdullah Tamman al Mashani, deputy general manager – institutional sales and product development, Bank Muscat, said, “The bank’s Green Finance scheme has been witnessing a steady rise in interest from its customers and we are delighted with the response so far. Going ahead, we hope to reach out to even more customers. Through Green Finance, customers will be able to install residential solar panels and use solar energy for a large part of their household requirements.” 

“It is important to note that this initiative will help Oman in reducing harmful emissions and also contribute to household savings as energy costs go down. Customers can get more information about Green Finance facility from Bank Muscat branches across the sultanate,” he added.

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