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International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 09:45

Estonia: Swedbank to start providing solar loans

BC, Tallinn, 03.07.2020.Print version
Swedbank starts offering unsecured loans from Friday ranging from 3,000 to 20,000 euros with a maximum duration of 10 years for the purpose of purchasing solar panels, informed LETA/BNS.

A 4.9% interest rate applies to the loans, which can be repaid early without any additional conditions or fees, Swedbank said. 

Tarmo Ulla,  head of Swedbank's private customers division, said that solar panels bought with this loan recover the investment within an estimated 10 to 12 years at current electricity tariffs applied to domestic customers. Payback time depends on the conditions in which the panels are installed.

Domestic consumers can also currently benefit from a renewable energy subsidy paid by the transmission system operator Elering to producers using a generating installation whose net capacity does not exceed 50 kW. The subsidy rate is 5.37 euros per kWh and the subsidy period is 12 years.

The subsidy is only paid out if the panels have been installed on Dec. 31 at the latest, however. The payback time of generating units installed after said date will be much longer due to their owner not receiving the subsidy.

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