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Are you looking to finance solar energy? Check out the banks that provide credit for this type of enterprise.
In recent years, the sun has become an increasingly important source of energy. There are a number of reasons for this, including the fact that it is a clean energy that produces no pollutants, unlike fossil fuels such as oil and coal.
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If you're a fan of this energy source and want to invest in it, you should know that several public and private financial institutions offer financing for solar energy.
In this essay, you'll learn about some of the most important options and opportunities.
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Is financing solar energy a possibility?
Eligibility is a typical concern about solar financing.
In Brazil, any individual or company connected to the distribution system can install solar panels and obtain loans from banks.
Before releasing funds for your investment, however, everyone can develop their own criteria and procedures, as we'll see below.
Read More CAIXA Renewable Energy Credit: Find out how to finance solar energy
How does financing solar energy work?
Credit applications for solar energy are similar to those for other types of credit.
To start a project, you'll need a budget. Most financial institutions require the organisation to be accredited and certified.
A standard credit analysis is then carried out and, if authorised, the funds are made available to the applicant.
What are the best options for financing solar energy?
As technology advances, various financial organisations are offering financing for solar energy.
Each one has its own laws, so depending on your objective, one solution is usually superior to the other. So tell us the primary choices you can pursue.
Bearing in mind that solar panel installations have an average life expectancy of 25 years.
So even if the financing is large, you will experience a long-term drop in monthly energy prices.
1 - BNDES:
National Development Bank is one of the options for financing solar energy (BNDES). In this case, only legal entities are eligible for the credit (Legal Entities).
Multiple types of projects are accepted, including the development of clean energy systems (which includes solar energy), support systems for generating energy from renewable sources and clean storage projects.
The interest rate is made up of the financial cost of the operation, the BNDES rate, and the rate that must be negotiated with the financial agent carrying out the operation.
The web page makes the calculation easier to understand. The minimum amount required for approval is R$ 10 million and the maximum amortisation period is 16 years.
The request can be made through a financial institution accredited to the BNDES.
2 - FNE Sol:
FNE Sol is Banco do Nordeste's solar energy financing programme. As well as companies, rural producers and individuals can apply for it.
The incentive covers the general installation of renewable energy systems. In addition, wind and biomass projects are permitted.
The maximum amount that can be financed is one hundred per cent of the value of the project, and the duration of the payments depends on the application, ranging from eight to twenty-four years.
3 - Public banks:
The main public financial institutions in Brazil offer financing for solar energy.
This is the case, for example, with Caixa Econômica Federal, which provides financing of up to five years for 100% of the photovoltaic (solar) project (60 months).
Banco do Brasil is another public organisation you can consult. There are other programmes available, such as the Photovoltaic Panel Consortium and the BB Credit Renewable Energy Agreement.
Up to 90% of the cost of the system can be financed, with a maximum payment term of sixty months (five years).
4 - Private banks:
Finally, private banks are available for enquiries regarding credit for the installation of your solar energy project.
For example Bradesco offers financing with a term of up to 60 months and a grace period of up to 90 days. Complete coverage of the system is attainable.
The terms offered by Santander are longer: up to 96 months (eight years) of payment and a 120-day grace period.
Given the variety of private financial institutions, we recommend consulting several banks and comparing their offers.
