GSIS to launch loan program for solar panel installation in homes 

The Government Service Insurance System (GSIS) will soon launch a loan program allowing government workers to borrow up to P500,000 to install solar panel systems in their homes. 

The Ginhawa Solar Energy Loan (GSEL) aligns with the national government's energy conservation goal as tensions in the Middle East push up oil prices and put pressure on electricity costs. 

The GSIS said P12.5 billion was approved for the loan program and P60 million to cover insurance for the solar panel installation. 

“Under the GSEL, loans carry a 5 percent annual interest rate, payable over five years in 60 equal monthly installments, with no service fee. A P500,000 loan will have a monthly amortization of P10,416.67,” the GSIS explained. 

“Solar panel systems financed under the program will come with three years of insurance coverage against fire, earthquake, lightning, and typhoon at no cost to the borrower. The coverage takes effect once the member notifies GSIS and submits proof that installation has been completed,” it added. 

The GSIS said that applications for the loan program will be processed entirely through the GSIS Touch mobile app. Members can upload supplier quotations, installation contracts, or official receipts for reimbursement through the app, it added. 

“Members who install solar panels may also benefit from the government’s net metering system, which allows households to sell excess electricity back to the grid, further reducing energy costs,” the GSIS said. 

Qualified borrowers include active GSIS members with permanent, regular, or non-career status who have been in government service for at least three years.

While there is no date yet for the program’s launch, the GSIS said that the GSEL will run for an initial three years. 

The GSIS this week announced a shift to a four-day workweek, to follow Malacañang's Memorandum Circular 114, which highlights the need to adopt strict energy conservation measures to further reduce the energy footprint of government operations and optimize the use of public resources. — Vince Angelo Ferreras/BM, GMA Integrated News