Aiming to make solar power accessible to all homeowners, climate fin-tech firm Helios has launched Asia’s first solar mortgage program.
Helios, the first residential solar fintech platform in Asia, recently announced its partnership with the Bank of the Philippine Islands (BPI), integrating solar energy solutions into residential properties acquired through home loans.
“Solar mortgage is the first of its kind. It is a bonafide Filipino innovation. The idea is the green loan with BPI is cash flow positive, meaning the savings you unlock from adding solar to your home will be larger than any payment capacity. “We help our consumers who are servicing home loans make their home more affordable,” explains Alex Aronson, co-founder of Helios.
Ranging from as low as PHP 400,000 to more than PHP 10M options, the solar mortgage is available not only for new home purchases but also for existing homes that wish to have a solar upgrade.
The solar home mortgage introduced by Helios offers flexibility depending on one’s needs and budget, making solar energy more accessible and tailored to the diverse needs of homeowners. About 100 new homeowners have already benefited from the solar mortgage’s introductory offering, which rolled out in the last quarter of 2023. BPI aims to be a thought leader and market innovator in financing products and services like Helios.
According to Aronson, an average Filipino household allots 30 percent of its spending on utility costs, which translates from PHP 2M to PHP 3M in 20 years. With the solar mortgage, electricity costs could drop dramatically to just 5 percent while promoting environmental consciousness and energy efficiency.
With the race for solar adoption in Southeast Asia, the residential shift is almost half the battle, with households taking 41 percent of the USD56 billion total addressable market. Helios’ consumer-centric, innovative solar mortgage process aims to guide and assist the masses toward residential solar, working to put solar on the roofs of 20 million homes across Southeast Asia within 7 to 10 years.
BPI and Helio’s solar mortgage offers a 7% interest rate, with a 7-year fixing period with up to PHP 70k waiving fees.
Helios has partnered with Longi Green Energy Technology Co. Ltd., a developer of solar power projects, considered the leader in solar photovoltaic (PV) cells. Longi provides homeowners with solar mortgage with Helios a 25-year guarantee.
