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    Agreement signed to finance household solar systems

    November 30, 2020
    finance & economy

    AMMAN — Minister of Energy and Mineral Resources Hala Zawati and CEO of Housing Bank Ammar Safadi on Sunday signed a memorandum of cooperation regarding the installation of solar electric and water heating systems, the Jordan News Agency, Petra, reported.

    Zawati said that the memorandum comes in light of the Kingdom’s 2020-2030 Energy Strategy, which aims at increasing energy efficiency, reducing carbon emissions and bringing down energy costs.

    Safadi noted that the bank will offer facilitated loans, encouraging those interested to contact the bank for further information.

    Rasmi Hamzeh, director of the Jordan Renewable Energy and Energy Efficiency Fund (JREEEF), which is affiliated with the Ministry of Energy, said that the fund will cover 30 per cent of the costs of solar systems, while the remaining 70 per cent will be paid in instalments facilitated by the bank, Petra reported.

    The cost of one solar cell used for generating energy, with a capacity of 3.6 kilowatts, should not exceed JD550, of which 70 per cent should be paid over 48 months, Hamzeh noted.

    Heating systems including flat mirrors should not cost more than JD450 with 70 per cent worth of instalments to be paid over a period of 24 months, Hamzeh said, while tube heating systems should not cost more than JD300 with 70 per cent worth of instalments to be paid over a period of 12 months.

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