State Electric Company Limited (STELCO) has launched a scheme that allows its staff to buy solar panel systems on installments.
The scheme launched under its Green Life Initiative will first be made available to staff working in the Greater Male' region. Speaking at the ceremony to launch the initiative, Managing Director of STELCO Hassan Mughuny said although the scheme is now available to staff, people living in islands with STELCO power houses can purchase the panel systems in the coming few months. Managing Director Mughny said the price will stay the same for all islands. He expressed hope the electricity bills will decrease with the installation of solar panel systems.
STELCO intends to sell the systems for USD 1,945 which can be paid in installments. The package is designed to include three plans.
One plan allows customers to pay the full payment in three years under a monthly payment plan of USD 57. The five year plan requires a monthly payment of USD 39 while the seven year plan includes a monthly payment of USD 31.45. All packages require a down payment of USD 324.25.
At the ceremony, Mughny revealed the scheme intends to reduce the cost of producing electricity and reduce electric bills in households. STELCO will analyse installation approaches and requirements once the down payment has been settled and the company will conduct the installation as well.
While the state utility company has shifted its focus towards renewable energy sources, the administration has announced plans to produce 70% of energy used in peak hours from renewable energy resources.