Solar energy is considered one of the most promising and environmentally friendly energy sources today, as it significantly reduces electricity costs and minimizes negative environmental impact. Taking these advantages into account, the use of solar energy in Georgia, where this resource is abundant, is becoming increasingly popular. Moreover, while financial barriers previously limited interest, today solar panel financing in Georgia is available through various support programs and long-term energy loans.
Government support for the development of a green economy enables not only companies but also individuals to transition to alternative energy sources. For those interested in investing in solar energy, multiple financing options are available that make the purchase and installation of solar panels. This is especially important for achieving energy independence in regions.
In this article, we will review the main sources of solar panel financing available in Georgia, such as the “Produce in Georgia” program, projects of the European Bank for Reconstruction and Development (EBRD), and long-term energy loans from banks.
Produce in Georgia
“Produce in Georgia” is one of the most important state programs offering comprehensive financial support to businesses. The production and development of renewable energy is a national priority, as it contributes to the advancement of the energy sector and the country’s energy future. Therefore, the state actively supports companies engaged in solar, wind, and hydro-power generation.
Within the “Produce in Georgia” Business Universal component, a new economic activity – electricity generation – has been added. To qualify for loan or leasing support, the facility must generate solar, wind, or hydro-power, and its installed capacity must not exceed 0.5 MW. This new program, aimed at financing micro-capacity projects, is particularly important for those who wish to build a solar power plant. Under the program, financing is available for the purchase and installation of solar panels.
The program subsidizes the loan interest rate for the entire loan term at 5% below the refinancing rate. Additional benefits related to collateral may also be available within the program.
“Produce in Georgia” supports the introduction of energy innovations, contributing to sustainable economic development. This program represents one of the most accessible and reliable ways to finance solar energy projects in Georgia.
EBRD Program
The European Bank for Reconstruction and Development (EBRD) also plays a significant role in financing solar energy projects. EBRD supports a wide range of investment initiatives, with the aim of promoting environmentally friendly and sustainable energy solutions. Within this program, low-interest loans are available to support energy efficiency improvements and the use of renewable energy sources.
The EBRD credit line combines loan or leasing financing, free technical assistance, and a grant component funded under the initiative. This flexible financing program enables micro, small, and medium-sized enterprises as well as individual entrepreneurs to access various types of loans.
The program offers customers predictable loans in local currency for a period of 3 to 5 years. As a result of the investments, companies are able to reduce costs, improve energy efficiency and receive advice from technical experts.
Long-Term Energy Loans
Another way to finance solar power plants is through long-term energy loans. These loans are designed for businesses and individuals who wish to adopt renewable energy sources, particularly solar panels. Long-term energy loans provide extended financing, with flexible repayment schedules tailored to expected income.
With environmental responsibility and cost reduction in mind, Bank of Georgia has introduced an eco-friendly product for replacing electricity sources – energy loans for solar power plants. Applications for energy loans at Bank of Georgia can also be submitted online through a simplified process. The bank offers terms tailored to customers’ needs. Detailed loan conditions are available on the bank’s website.
To support the accessibility of solar panels and energy independence, TBC Bank offers long-term loans specifically for the purchase of solar panels. In partnership with various organizations, the bank provides additional benefits to customers. More detailed information about loan terms can be found on the bank’s website.
Conclusion
Today, solar panel financing is available through multiple channels, significantly increasing accessibility. The state program “Produce in Georgia,” EBRD initiatives, and long-term energy loans all contribute to the active adoption of solar energy in Georgia.
If you are interested in installing solar panels or building a solar power plant, Step Energy offers full services – from design to implementation. We successfully deliver both small-scale and large-scale projects, ensuring energy independence and cost optimization. Contact us, and our team of professionals will help you start benefiting from solar energy for a sustainable future.