State-run Government Service Insurance System (GSIS) is set to launch the Ginhawa Solar Energy Loan (GSEL), a financing program that allows government workers to borrow up to P500,000 to install solar panel systems in their homes.
The program supports the national government’s push for energy conservation as tensions in the Middle East drive up global oil prices and put pressure on electricity costs.
The program is a green loan initiative that promotes the use of renewable energy, helping government employees reduce their carbon footprint while lowering household electricity costs.
GSIS President and General Manager Wick Veloso said the program offers members a practical way to manage rising electricity prices.
“This loan allows our members to invest in solar energy for their homes and generate substantial savings on their electricity bills while paying it back over five years at a competitive interest rate,” Veloso said.
Under the GSEL, loans carry a 5% 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.
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.
The GSIS Board of Trustees has approved P12.5 billion for the loan program and P60 million to cover insurance for solar panel installations.
Applications will be processed entirely through the GSIS Touch mobile app, where members can upload supplier quotations, installation contracts, or official receipts for reimbursement.
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 GSEL will run for an initial three-year period, after which GSIS will evaluate its performance to determine whether the program should be extended.
Qualified borrowers include active GSIS members with permanent, regular, or non-career status who have been in government service for at least three years.
Further details will be announced soon.