GSIS solar loan applications hit PHP 5.7B

The Government Service Insurance System has received more than PHP 5.7 billion in applications for its Ginhawa Solar Energy Loan as of April 21, reflecting strong demand among government workers seeking to reduce household electricity costs.

The program, known as GSEL, allows qualified GSIS members to finance the installation of home solar panel systems as rising utility expenses continue to pressure family budgets.

GSIS said the loan program supports President Ferdinand Marcos Jr.’s call to expand access to renewable energy at the household level by easing the upfront cost of shifting to solar power.

Under GSEL, eligible members may borrow up to PHP 500,000 at 5 percent annual interest, payable over 60 months.

The loan carries a maximum monthly amortization of PHP 10,416.67 and includes three years of free insurance coverage for the solar panels.

GSIS said many members are turning to the program because of its potential to lower monthly power bills while providing access to cleaner energy.

Judith Rabacal of the State University of Northern Negros in Sagay City, Negros Occidental, said she availed herself of the loan to help cut electricity costs at home.

“Naka-install na ang solar ko, at inaabangan ko na ang pagbaba ng bayad sa kuryente sa susunod na buwan,” Rabacal said.

GSIS said Rabacal’s experience shows how the program can help members invest in a practical, long-term response to rising utility expenses.

“Through GSEL, we are helping our members take control of their electricity costs by giving them access to financing for solar panels,” GSIS President and General Manager Wick Veloso said. “The shift to cleaner energy is an added benefit; for many families, the immediate value is the savings it can bring month after month.”

Applications for the program are accepted exclusively through the GSIS Touch mobile app.

GSEL has a total budget of PHP 12.5 billion, including PHP 60 million allocated for insurance coverage.

Eligible applicants must be active GSIS members with at least three years of government service and at least six months of paid premium contributions.

Applicants must also have no GSIS loans in default, except housing loans.

GSIS, the state-run social insurance institution for government workers, said the program forms part of efforts to translate national energy policy into household-level assistance.

The agency earlier said GSEL was designed to make solar power more accessible to members by combining financing support with insurance coverage for solar installations.