Finance & Capital Market

NBB to provide funding for solar panels installation

The National Bank of Bahrain (NBB) is offering exclusive financing plans for its retail customers looking to make sustainable life choices by installing solar energy panels. 
The offer is designed to enable applicants within the kingdom to contribute meaningfully to environmental preservation and consequently reduce electricity bills in the long-term, said a statement from NBB. 
The financing scheme is a part of the bank’s ongoing efforts to embed sustainability practices within both the industry and the kingdom. 
NBB is actively introducing targeted products and services to help promote a greener lifestyle, facilitating the process for customers who are looking to make the shift into a more sustainable way of life. 
The solar panel financing aligns with the bank’s focused strategy to achieve its outstanding ESG goals and encourage a shift towards alternative clean energy solutions.
Customers who wish to apply for financing will receive exclusive offers on solar energy panels from NBB, benefitting from quick approvals, competitive interest rates, alongside zero processing fees and a 50% discount on insurance fees with a tenor of up to 7 years.
The solar panel financing project from NBB kicked-off by partnering with Almoayyed Solar Company who will be providing exclusive offers to NBB customers.
The initiation of this project will pave the way to future partnerships with other solar panel providers in the kingdom.
Retail Banking CEO Subah Al Zayani said: "This initiative comes as part of our efforts towards integrating sustainability into all our corporate framework, including the financing products and initiatives available to our customers. We at NBB are pleased to offer different and diverse financing options, such as personal financing for solar energy."
"Through this initiative, we hope to increase awareness amongst our valued customers about the benefits of adopting solar energy and the significant positive impact that this step will have. We encourage our customers to apply to this unique offer, and work side by side with us in order to preserve the environment and enrich the lives of future generations," he added.
According to NBB, the solar panel installation positively contributes towards decreasing the current impact on the environment, and installers will ultimately be able to reduce their costs in the long run as they receive a reduced electricity bill and gain an increase in the property value over time. 
With this offer, NBB seeks to contribute meaningfully towards environment preservation, and has implemented an array of ESG initiatives, including the installation of solar panels in select branches, as part of its three-year sustainability roadmap set on creating a more sustainable future for both the organisation and the kingdom as a whole, it added.-TradeArabia News Service