Zimbabwe banks urged to offer solar power loans

By Staff reporter | 27 Oct 2019 at 14:43hrs
ENERGY minister Fortune Chasi has called on banks to invest in solar energy by financing entrepreneurs and residents to set up their own commercial and domestic solar energy infrastructure.

Speaking at the Financial Gazette Annual Energy Innovations Summit recently, Chasi said:  

"I want to call upon financial services to get involved in the production of power by supporting entrepreneurs who would like to get into power generation.

"It's very important for all banks to do this because almost all consumers are their clients in one form or another.
"They can initiate investment by their clients into solar as a way of ensuring that there is business continuity."

He added that if ordinary people are assisted, they could contribute to the national grid.

"The power they produce at car ports or any open space can be fed into the grid, either for on-selling or for storage purposes.
This is one innovative way the country is earmarking to reduce load shedding," he said.

He said his ministry would be adopting a renewable energy policy which will be a lifeline for individuals to become their own sources of power instead of relying on the national grid.

Part of the policy includes the net-metering service which allows customers that generate their own electricity using solar or other forms of renewable energy to bank excess electricity on the grid.

Chasi, however, said he noted with dismay the slow adoption of the net-metering initiative.



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