Home Industry HLB and Hong Leong Islamic Bank Launched Financing Facility for Solar Power System for Homes

HLB and Hong Leong Islamic Bank Launched Financing Facility for Solar Power System for Homes

The new HLB Solar Plus Loan/Financing-i allows home owners, including those with homes under construction, to seamlessly apply for financing of solar power energy systems together with their home loan or financing application whereby customers could obtain a margin of financing of up to 105% on the property value or a maximum of RM60,000 to finance the solar power energy system.

by Shah Farouq

Hong Leong Bank and Hong Leong Islamic Bank (“HLB” or the “Bank”) have introduced a new green energy financing facility called HLB Solar Plus Loan/Financing-i which is a convenient financing solution for homeowners to install a solar powered energy system that is both environmentally friendly and will enable homeowners to save on their monthly electricity bills. 

The HLB Solar Plus Loan/Financing-i is open to both new and existing HLB Home Loan/Financing-i customers who are looking to install solar panels at residential homes which are either under-construction or completed.

The Bank is offering a margin of financing up to 105% on the property value, with flexible financing options starting from RM15,000 up to RM60,000 for a three-to-ten-year tenure, or up to the age of 70 of the main borrowers upon maturity of the loan, whichever is earlier.

As a start, the Bank has partnered with solar powered energy system specialists ERS Energy and Solaroo Systems to provide a comprehensive one-stop installation, commissioning, operations and maintenance services to its customers.

Group Managing Director and Chief Executive Officer of HLB, Domenic Fuda commented that the launch of HLB Solar Plus Loan/Financing-i, is another initiative from the Bank to support the nation’s target of increasing the installed capacity for renewable energy to 31% by 2025 and 40% by 2035.

“We believe that financial institutions will be critical components in helping to steer the transition towards sustainable source of energy.

“Renewable energy has significant growth potential to support the country’s low carbon economy agenda, as well as long-term advantages for households in terms of energy cost savings, cushioning against future rise in energy costs and reducing carbon footprint in the process. 

“We hope that our new green energy financing facility for homeowners will go a long way in enabling homeowners to play a role in the transition towards a low carbon economy,” he added.

Managing Director of Personal Financial Services at HLB, Charles Sik, said that although the solar power energy market for residential homes is still nascent, they are getting a lot of interest especially from new home buyers who are keen to embark on the renewable energy lifestyle as soon as they move into their new homes.

“The HLB Solar Plus Loan/Financing-i aims to meet this demand by easing the financing process where customers with homes under construction, as well as those which have been completed, can apply for solar panel financing together with their mortgage application, unlike conventional methods of only offering solar panel financing for completed homes.”

“This financing facility also helps homeowners to spread the cost of both purchasing and installing the solar panel over the course of several years, rather than paying the full cost at one go, while at the same time enjoy a reduction in their monthly electricity bills of 50% to 80% depending on the installed capacity,” he explained.

Earlier in February this year, the Bank rolled out ‘HLB SME Solar Financing’, a green energy financing facility specially developed for SMEs looking to install small-scale solar PV systems which offers a financing amount of up to RM1 million per SME customer with a maximum loan tenure of seven (7) years.

For more information on HLB Solar Plus Loan/Financing-i, please visit https://www.hlb.com.my/en/personal-banking/loans/property-loan/solar-plus.html or https://www.hlisb.com.my/en/personal-i/consumer-financing-i/solar-plus-financing-i.html

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