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Soft loans for Jordan’s solar rebate scheme

Jordan’s Ministry of Energy and Mineral Resources has signed an agreement with the Housing Bank for Trade and Finance (HBTF) to support a rebate program for residential PV systems and solar thermal collectors.

The government said the bank will finance 70% of residential PV projects through soft loans. Customers will receive rebates of around 30% on the initial investment costs of residential PV systems.

The Kingdom of Jordan’s Renewable Energy & Energy Efficiency Fund (JREEEF) will provide the funds for the rebates. The subsidies will be granted to projects below 3.6 kW in size under the country’s net metering regime. The government has also said that the PV systems may not cost more than JOD 550 ($775) per kilowatt installed. Over the past year, the JREEEF has secured support from several Jordanian financial institutions, including Jordan Islamic Bank.

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The country had 998 MW of installed solar power at the end of December 2019, according to the International Renewable Energy Agency. It had around 360 MW installed under net metering by he end of December 2018, according to Decentralized Solar in Jordan, which was published by SolarPower Europe in September 2019. Last year, newly installed PV capacity in all segments reached 169 MW.

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Source: pv magazine