NEWS WIRE: Jordan Micro Credit Company Finances Purchases of Solar Systems

Source: Zawya

Original article available here.

AMMAM, JORDAN, April 13 – Limited-income Jordanians and entrepreneurs will soon be able to purchase solar systems through facilitated loans under a recently launched initiative.

Under the scheme launched Thursday, the Jordan Micro Credit Company-Tamweelcom will finance the purchase of solar systems for those with limited-income and small-businesses to increase the use of solar systems across the Kingdom.In turn, participants will pay a minimum monthly instalment of JD26.

The initiative is in line with the country’s National Energy Strategy to boost the country’s reliance on renewable energy, according to Tamweelcom CEO Ziad Rifai.

“By making it easier for a large segment of the population to purchase and use solar systems, the initiative seeks to reduce energy bills and preserve the environment,” Rifai said at the launch ceremony.

The initiative is implemented in cooperation with the National Energy Research Centre (NERC) and Nur Company, a firm specialised in solar technology production.

NERC President Malek Kabariti told reporters that the use of solar water heaters for domestic purposes saves about 70 per cent of energy.

“With hot water available 24 hours a day, the use of solar systems preserves the environment, saves energy and safeguards people’s health,” he said.

Kabariti also stressed that Tamweelcom’s initiative will help accelerate the implementation of the National Energy Strategy, under which the Kingdom should be able to generate 600MW of wind and 600MW of solar energy, 10 per cent of the country’s energy consumption, by the year 2020.

According to Kabariti, an initiative will also be launched within the next two weeks to provide the impoverished with solar systems at no charge.