Several banks in Mauritius offer loans specifically designed to finance eco-friendly projects, including solar panel installations. Here’s a glimpse into what some leading institutions provide:

• MCB Green Loan: offers financing for sustainable development projects, including solar panel installations. You can benefit from preferential interest rates, a repayment period between 3 and 10 years, and financing up to 100% of the project cost (subject to eligibility).
• SBM Eco Loan: SBM Bank (Mauritius) Ltd offers unsecured and secured Eco Loans to cater to projects of varying scopes with financing covering up to 100% of the costs (excluding VAT). You can finance renewable energy projects, energy efficiency upgrades, and sustainable agriculture initiatives. This scheme includes a minimum loan amount of MUR 100,000, repayment periods ranging from 4 to 7 years, and the possibility of a moratorium on capital repayment.

Important Considerations When Choosing a Solar Loan

• Interest Rates: Compare interest rates offered by different lenders.
• Loan Term: Consider the loan term that best suits your budget and project requirements.
• Loan Amount: Ensure the loan amount covers the entire cost of your solar panel installation as much as possible.
• Eligibility Criteria: Review the eligibility requirements for each loan program.

Additional Fees: Be aware of any processing fees or prepayment penalties associated with the loan.

Benefits of Financing Your Solar Panel Installation

• Lower upfront costs: Financing allows you to spread the cost of your solar panel installation over time, making it more affordable.
• Start saving on electricity bills sooner: You’ll begin reaping the benefits of solar energy generation right away, while offsetting your electricity expenses.
• Potential tax benefits: Some banks’ green loans may come with tax deductions for your investment.
• Contribute to a sustainable future: By switching to solar, you’ll reduce your reliance on fossil fuels and contribute to a cleaner environment.

Beyond the Banks We Mentioned

It’s important to note that the banks mentioned above are just a few examples. Many other financial institutions in Mauritius offer solar financing options. It’s always a good idea to shop around and compare rates and terms from different lenders before making a decision.

Taking the Next Step

If you’re considering switching to solar energy, financing your solar panel installation can make it a more accessible option. By carefully considering the available loan options and factors mentioned above, you can choose a financing plan that fits your budget and project requirements.

We recommend contacting your bank or a reputable solar panel installer to discuss your specific needs and get personalized advice on financing your solar energy transition.