Alfalah
Home Finance – Green Mortgages
Solar energy can cut down your electricity bill,
reduce your dependency and provide you with a steady source of power. Bank
Alfalah and its panel of trusted solar experts bring you a complete solar
solution.
It is an investment that will benefit you in the
long run. Alfalah Home Finance works with the industry’s most sophisticated and
reliable energy experts, in order to provide you the best energy solution.
Get your Green Mortgage from Bank Alfalah and
benefit from:
- Competitive mark-up rates
- Finance up to 5 Million
- Payment tenure options from 5 to 7 years
- Balloon payment option
- Reliable energy providers and financial experts
4
Steps to Going Solar:
Alfalah Home Finance owns every step of the process;
from consultation to execution and disbursement of the loan which ensures a
hassle-free experience as well as robust customer service.
1.
Consultation:
The Bank’s dedicated business team will help you
complete your documentation and structure a financial package that best fits
your requirement.
2.
Survey:
The Bank’s reliable energy partners will create a
customised solar solution keeping your financial package in mind.
3.
Approval:
Once Alfalah Home Finance approves your loan, Their
trusted and certified solar partner will complete the installation process
4.
Installation:
After inspections and final connections are made to
your local utility, you’re ready to use Alfalah Green Mortgage Financing.
Alfalah
Bank’s Solar Energy Partners
• Grace Solar Pakistan™
• JKS Pvt. Ltd.
• EBR Energy Pakistan (Pvt.) Ltd.
Frequently
Asked Questions:
How
does solar work?
Photovoltaic (PV) panels directly produce
electricity from sunlight and use an inverter to change the Direct Current (DC)
power to Alternate Current (AC) power.
What
happens to solar panels when it’s cloudy or raining?
PV panels can use either direct or indirect
sunlight, but are more effective in direct sunlight. Solar panels will still
work even when the light is reflected or partially blocked by clouds. Rain actually
helps to keep your panels operating efficiently by washing away any dust or
dirt.
Can
a residential rooftop installation supply enough electricity to cover the needs
of a single house?
Yes, it is possible. The annual production depends
on a range of parameters such as the size of the solar panel array, orientation
and sloping of the roof, irradiation (latitude, local weather conditions),
efficiency (panel type, temperature) etc. In ideal conditions, a rooftop
installation can cover the average electricity consumption for a residential
house.
What
is a solar installation made of?
Solar installations are built by assembling solar
panels. The manufacturing of the panels starts with silicon, usually in
crystalline form. Purified silicon is then cast and cut into wafers a fraction
of a millimetre thin, and then assembled into solar cells. The cells are then
assembled into solar panels, which link together to generate power output.
Depending on the type of application, the “Balance Of the System” (or “BOS”)
consists of different components such as the mounting structure (racks/trackers),
direct current switches, inverters and meters.
What
is the estimated lifetime of a solar installation?
The industry’s standard power output guarantee from
leading manufacturers is 25 years; however the lifetime of high quality solar
panels is estimated to be much longer.
How
much electricity will it generate?
Power output is determined by the size of the system
and solar irradiation in the area. Solar panels are usually installed in areas
with many stable sun hours per day.
How
do I get power at night?
In hybrid and off-grid systems, batteries are
charged using power during day time and the energy stored in batteries is used
during the night.
What
appliances can I run?
You can run all electrical appliances e.g. fans, TV,
lights, refrigerator, air conditioner etc. depending on the type of the system
you have.
What
kind of maintenance does a solar system require?
Washing the solar array with water a few times a
year would suffice but regular dust cleaning is also sufficient.
Can
this system be purchased from anyone?
If you are availing Bank Alfalah’s Green Mortgage
then this system can only be purchased through their panel of partners.
Where
can I install solar panels?
Solar panels are installed in areas with high
irradiation, like a roof. But they can be installed on any surface such as a
facade, sunshade, garage or on the ground, usually by constructing a tracker
system. They should not be placed in shaded areas (e.g., places that are in the
shadow of other buildings or large trees) as it decreases electricity output.
What
is ‘Energy Payback Time’ or Return on Investment (ROI) for a solar panel?
Solar is a one-time investment. An on-grid system,
consisting of solar panels and inverters may work for 20 years or more. This
type of system has a payback period of 6 years, and gives you free power beyond
this period. A battery backup system needs replacement in 3 to 5 years and has
a longer payback period.
What
type of insurance do you have and what are the benefits?
The Bank is offering two types of insurance; life
and property, at very affordable rates. Life insurance covers outstanding
facility amount and Property insurance covers the structural damages due to
earthquake, flood and fire.
Can
I repay my loan ahead of schedule?
You can pay/adjust through partial/balloon payment
facility. After adjusting your partial payment, you have the option to revise
your tenure or equal monthly instalments.
What
is your mark-up rate?
The Bank is charging 1 year KIBOR+5%. This rate is
revised annually to account for any change in the KIBOR.
Do
I get a Tax Benefit on the Loan?
Yes, you get tax benefit on loan payments made
during a financial year. After receiving your request for a mark-up
certificate, The Bank's operation department will fully cooperate with you and send it
through courier within the lowest TAT. The Markup payment certificate will help
you get a rebate on your annual income tax return.
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