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Sunday 29 November 2020

The Housing Bank Partners with the Jordan Renewable Energy and Energy Efficiency Fund to finance household solar systems

The Housing Bank for Trade and Finance, the most widespread bank in the Kingdom, has signed a partnership agreement with the Jordan Renewable Energy and Energy Efficiency Fund (JREEEF), which operates under the auspices of the Ministry of Energy and Mineral Resources. The agreement, which was signed between Chairman of the Board of the JREEEF and Minister of Energy Hala Zawati and Housing Bank CEO Ammar Al-Safadi, is directly in line with the bank’s avid support for the deployment of environmentally-friendly and energy-generating sources, including solar panels and heaters.

 At the signing, Zawati stressed the significance of this partnership, which will work to increase the financing choices for individuals looking to install solar panel systems and heaters. The agreement will also empower companies operating in the sector throughout the country, raising demand for their energy-efficient systems and creating new job opportunities that uphold sustainable development. Zawati went on to add the agreement is in line with Jordan’s Energy Strategy 2020-2030, which calls for the implementation of the National Strategy for Energy Efficiency with the goal of increasing energy efficiency and decreasing carbon emissions, ultimately reducing energy consumption costs for consumers.

 Also at the signing, Al-Safadi said that through the agreement, the Housing Bank will facilitate loans for individuals and households, with the JREEEF subsidizing 30% of the cost of solar system installation. According to Al-Safadi, those interested in reducing their costs and adopting environmentally-friendly energy sources are strongly encouraged to visit any Housing Bank branch for more information.

 JREEEF CEO Dr. Rasmi Hamza said that through the agreement with the Housing Bank, the fund will subsidize 30% of the cost of solar heater and solar cell systems, with the remaining 70% paid in installments through the bank. He went on to stress the significance of this and similar agreements that the fund has signed with local banks, organizations and the Civil Consumer Corporation, which allow people to benefit from the program with a variety of convenient payment options.

 The solar cell program limits the kilowatt-hour capacity to JD550 and a maximum of 3.6 kilowatts, with the payment of the remaining 70% of the cost of the system over a period not exceeding 48 months. For solar heating systems, the agreement specifies that the price not exceed JD450, with the remaining 70% paid in installments over a period of 24 months. For pipe-type solar heater systems, they cannot be more than JD300 dinars, with the remaining 70% paid in installments over a 12-month period. The limits are subject to periodic review, and will remain in line with the market prices.


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