Hapoalim offers loans for domestic solar panels
The full loan is for up to ten years.
The bank added that the product was the first in a series of eco-friendly financial solutions that will support market needs in dealing with environmental issues. The bank said that, in addition to the contribution to the environment, it sees a business opportunity in a growing market.
The government recently published regulations under which Israel Electric Corporation (IEC) (TASE: ELEC.B22) will, from July 1, buy the surplus power from private producers of solar power generated electricity.
A homeowner with a solar power system will be eligible for a NIS 2.04 per kilowatt/hour (kw/h) rebate on electricity produced, and will pay NIS 0.50 per kw/h for electricity consumed. The result is cash flow. The return on investment in the system is estimated at 8-10 years. The regulations offer homeowners the financial incentive to encourage the installation of household solar power systems, in addition to the homeowners' environmental awareness.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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