Applications open for solar panels at households with payment in five-year installments

Environment Ministry has opened applications for the installation of rooftop solar panels at households as part of ‘Magey Solar’ program.

The program, funded by the Asian Development Bank (ADB), is a joint initiative of the Ministry and Fenaka Corporation with the company carrying out the installation of the solar panels.

Solar PV systems of three and five kilowatts are issued under the program. Fenaka said the size of the system issues to the households will be decided by the company after conducting a survey.

Applications for the installation of rooftop solar panels can be submitted via a portal introduced for the purpose. There are two payment methods for the solar panels purchased under the program; a one-off payment and installments spanning three or five years.

The price of three kilowatt solar PV systems has been placed at MVR 45,000 while the price of five kilowatt solar systems has been placed at MVR 75,000.

As per Fenaka, the purpose of the program is to reduce the expenses incurred by the public for electricity and to increase the usage of sustainable energy resources in the Maldives.

It is also a pivotal step forward in achieving the government’s generate 33 percent of energy in the country through renewable resources.