Cairo Amman Bank and Jordan Islamic Bank have signed joint cooperation agreements with Jordan''s Ministry of Energy and Mineral Resources to support the 2024/2025 phase of the country''s subsidy scheme for residential solar panels and solar water heaters. The scheme covers 30% of the cost of installations.
The household sector support program, which offers up to 30% of the costs of household solar panel and solar water heater installations, is implemented by the Renewable Energy and Energy Efficiency Fund at Jordan''s Ministry of Energy and Mineral Resources.
Cairo Amman Bank and Jordan Islamic Bank have signed joint cooperation agreements for the new phase of the initiative, which will see the banks offer flexible financing options to customers, including allowing citizens to cover the remaining 70% of system costs through instalment plans.
The 2024/2025 phase of the subsidy scheme, which launched in September, aims to install 4,000 solar panel systems and 5,000 solar water heaters by the end of the year, at a projected cost of JOD 8.5 million ($12 million) and JOD 3 million.
Energy Minister Saleh Al-Kharabsheh, who is also the fund''s board of directors, says the previous phase installed 3,000 solar water heaters and 2,000 solar panels at a total cost of JOD 6.5 million, with the fund subsidizing 30% of the expenses.
Jordan had 1.99 GW of cumulative installed PV capacity at the end of 2023, according to the latest statistics from the International Renewable Energy Agency (IRENA).
Analysis by data consultancy Wiki-Solar, published by pv magazine in 2023, ranked Jordan third in the world for the contribution of utility-scale solar to overall energy consumption.
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In a significant step towards promoting renewable energy adoption, the Ministry of Energy and Mineral Resources (MEMR) in Jordan has introduced an online platform for inquiries related to the subsidy program for residential solar heaters and PV systems.
The initiative, managed by the Renewable Energy and Energy Efficiency Encouragement Fund (JREEEF), aims to provide direct financial support to citizens looking to install solar water heaters and PV systems.
The MEMR’s initiative underscores Jordan’s commitment to harnessing renewable energy and creating partnerships between the public sector, commercial banks, and local associations.
This collaborative effort seeks to empower citizens with financing options, making the installation of PV systems and solar water heaters accessible to a broader population and benefiting around 7,000 households and 35,000 citizens.
The program's significance lies in establishing partnerships between the Fund, commercial banks, and local associations to implement and reach citizens. It provides various financing options, facilitating citizens' access to the program through convenient installment plans. This, in turn, enables them to secure the necessary funding for installing PV systems and Solar water heaters in their homes, benefiting around 7,000 targeted households and 35,000 citizens.
Energy and Mineral Resources Minister Saleh Kharabsheh on Monday launches a new phase of the solar panel and water heater installation support programme for homes, covering 30 per cent of the cost (Photo courtesy of Energy Ministry)
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