As more people look for ways to reduce their carbon footprint, interest in renewable energy solutions has grown significantly. BPI’s Solar Mortgage offers homeowners a practical financing solution to bring solar energy into their homes, enhancing sustainability and providing a pathway to energy independence. This blog post answers frequently asked questions about the Solar Mortgage, providing insights into how it works, the types of loan options available, and how homeowners can access this service.
What is Solar Mortgage?
The Solar Mortgage by BPI is a financing solution crafted to support homeowners in purchasing solar panels for residential use. This financing program aims to promote sustainable and eco-friendly energy solutions, enabling families to switch to a greener power source.
How Does Solar Mortgage Work?
BPI offers several housing loan options under the Solar Mortgage that allow homeowners to finance the installation of solar panels. Here are the primary loan options available:
- Top-up Equity Loan
This option provides an additional housing loan specifically for solar panel acquisition. Borrowers have the flexibility to consolidate this amount under a single housing loan account, combining it with an existing housing loan. This setup simplifies management by eliminating the need for separate loan accounts. - Property Equity Loan
This loan allows homeowners to use their property as collateral to secure financing for solar panel installation. This enables access to funds using the house’s equity, potentially leading to better loan terms. - Multi-Purpose Loan
Homeowners can use their cars as collateral to secure funds for solar panel acquisition. This loan option provides flexibility for clients who may not want to encumber their property but still wish to install solar panels. - Mortgage Switch
With Mortgage Switch, clients from other banks can transfer their existing housing loan to BPI. This transfer allows them to avail themselves of BPI’s All-In Financing option, which offers zero upfront fees and other attractive Housing Loan promos.
Is Proof of Loan Purpose Required?
Yes, BPI requires a quotation for the solar panels from the provider as proof of the loan purpose. This requirement helps ensure that the funds are used specifically for solar energy acquisition.
Does BPI Have Accredited Solar Panel Providers?
Currently, BPI works with accredited solar panel providers such as Helios. Partnering with accredited providers allows customers to feel secure about the quality and reliability of the solar installations.
Contacting BPI for Assistance
For questions or concerns, you can reach BPI’s 24-hour Contact Center at (+632) 889-10000. You can also visit BPI’s branches or explore online options for further assistance.
Embrace Sustainability with BPI’s Solar Mortgage
Switching to solar energy is not just an eco-friendly choice but can also lead to long-term savings on energy costs. BPI’s Solar Mortgage provides homeowners with the financial support needed to take this step toward sustainability.
