PETALING JAYA: OCBC Bank (Malaysia) Bhd has rolled out its residential solar panel financing plan for individuals. With this, residential homeowners may apply for either its solar panel financing plan or Easy Payment Plan.
Solar panels can save up to 85% or even more in electricity bills after a one-time installation. The bank is offering those eligible the option to finance the entire amount required for the solar panels.
OCBC Bank managing director & head of consumer financial services Anne Leh Geok Meng said the bank’s introduction of solar panel financing is part of its drive toward a holistic approach to environmental, social and governance (ESG) practices, which includes making environmentally friendly installations more accessible to consumers.
“We are working with our solar panel partners to promote a cleaner and more sustainable environment. Making solar energy more accessible to everyone is the first step. Our consumer-level effort here is aligned with our group-wide pledge to grow our sustainable finance portfolio to S$25 billion (RM77 billion) by 2025,“ she said.
OCBC has seen a significant increase in demand for sustainable financing in recent years due to greater awareness of and heightened efforts to combat climate change. The group has witnessed a strong demand for green and sustainability-linked loans in recent times and has made good progress in the financing of renewable energy projects, especially following the announcement in April 2019 that we would no longer finance new coal-fired power plants.
The bank’s overall sustainability goal for Malaysia is to grow more sustainably with a target of 15% of its loans to be sustainability-related by 2025.
OCBC Bank customers can opt for refinancing with an increase in line of completed residential property from another bank with the OCBC Solar Panel financing or an increase in line/top up of an existing OCBC Home Loan/Home Financing-i with the OCBC Solar Panel financing. This applies to completed residential properties only.
Alternatively, OCBC Bank customers may also opt to convert their solar panel payment into smaller and easier-to-pay monthly instalments with OCBC’s Easy Payment Plan.