Representatives of the Viet Nam joint-stock commercial VPBank, and SolarGATES company sign a loan agreement to guarantee financial support for household rooftop solar power projects. — VNS Photo Thu Huong

The Viet Nam Joint Stock Commercial VPBank and roof-top solar power solution supplier, SolarGATES company, have agreed a loan agreement to guarantee financial support for household rooftop solar power projects.

Following the agreement, households will be given a loan up to VND300 million (US$13,000) for installation of the BigK solution in connection with the national grid.

VPBank will commit to provide 100 per cent of the total cost for households to install solar power systems in Viet Nam from 2020.

SolarGATES also said it will pay for 1,000 customers to buy residential roof-top solar systems with a price from 4.7 US cents to 9.35 US cents per Kwh in the first quarter of 2020.

Since 2017, with the issuance of Prime Minister Nguyen Xuan Phuc’s Decision 11/2017, solar power projects have been allowed to sell electricity at a fixed price of 9.35 US cents per kWh.

According to SolarGates, the development of roof-top solar systems would help families reduce power payments by releasing surplus power to the national grid. Each system will save at least $500 in power fees and cut three tonnes of carbon emissions each year.

It said 748 solar power systems have been installed on roofs across the country including 327 in HCM City since 2018, and it targets to provide BigK solutions for 277,000 homes.

According to the Central Power Corporation, at least 465,000Kwh of ‘green’ power capacity had been generated from roof-top systems in central Viet Nam between 2018-19. — VNS