Members of SSS Await Solar Energy Loan Program’s Availability amid Increasing Power Costs
SSS – The Social Security System confirmed its plan to roll out solar energy loans in 2027, specifically under the Energy Sustainability program.
Nowadays, more and more households in the Philippines are considering a switch to renewable energy. Truth be told that the increasing power costs is hurting the budget of several households and while a solar installation requires a huge amount of money, many people came to realize it as an investment in the long run.
However, while many Filipinos want to make a switch to solar energy, not everyone has the financial capacity to fund it in full. Meanwhile, there are now some entities that extend products that support the switch to renewable energy like the BPI Solar Mortgage offer of the Bank of the Philippine Islands.
Recently, the Social Security System also announced a good news for its members who want to switch to renewable energy. Based on PNA, SSS President Robert Joseph de Claro announced during a briefing at the social insurance giant’s office in Quezon City that they will roll out a solar energy loan program in 2027.
Based on the report, the SSS plans to launch the Energy Sustainability program next year. Through it, the social insurance giant wants to make solar loans that are payable for up to seven (7) years available to qualified members.
“So, we are currently working on an energy sustainability loan program that would provide members solar load; we initially estimated from PHP200,000 to PHP400,000, payable over four to seven years,” de Claro said.
According to the SSS President, they see the needs of the social insurance institution’s members, thus, they want to push for an aid in reaching energy sustainability. They want to come up with a sustainable program that will help address the needs of the members “so they won’t have a hard time paying for monthly amortization”.
Based on the report, the Social Security System’s President revealed that they are targeting to complete the guidelines of the Energy Sustainability Loan program by the end of 2026. According to De Claro, they intend to allot P40 billion for the loan program.
“The rollout will be (in the) first quarter or second quarter of next year because we want to make sure that our mechanics, the safeguards are in place so that the money that the members will borrow will go to the purchase of solar at home,” the SSS President further expressed.
While the SSS solar loan is not yet available, some Filipinos may turn to banks and other entities that also offer loans that assist in switching to renewable energy. If you have a car to use as a collateral, you may turn to the BPI Solar Panel Financing.
