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With electricity prices continuing to climb, the bank said flexible financing can help more households adopt solar power without the need for significant initial capital, making clean energy investments more accessible.
The big picture
The initiative forms part of RCBC's broader push to grow its low-carbon lending portfolio, in line with the Bangko Sentral ng Pilipinas' drive for banks to expand sustainable financing for environmentally friendly projects, according to a company release.
Homeowners can access several financing arrangements depending on their needs. Borrowers applying for a secured housing loan may choose a bundled housing loan that covers both a home purchase and solar installation, a housing loan top-up to finance solar upgrades on an existing mortgage, or a home equity loan that allows them to borrow against a fully owned property.
Alternatively, RCBC clients may finance solar panel installations through personal loans of up to P5 million with repayment terms of up to 60 months, while RCBC credit cardholders can use the bank's installment facility to spread payments over as long as 36 months at zero percent interest.
Why it matters
The bank is also expanding its network of accredited solar merchants nationwide to provide borrowers with access to vetted installation partners, helping streamline the transition to residential solar energy.
As part of a limited-time promotion, RCBC has partnered with Helios Sustainable Energy Corp. to offer a 10 percent discount on Helios solar power systems for qualified housing loan and credit card borrowers.
Currently the fifth-largest privately owned bank in the Philippines, RCBC said the initiative underscores its commitment to sustainability and innovation by enhancing lending solutions that respond to evolving customer needs while supporting the country's transition toward cleaner energy. —Princess Daisy C. Ominga | Ed: Corrie S. Narisma
