Bangkok:Government Savings Bank (GSB) has introduced the "Solar for the People" loan program, offering an interest rate of 2.50% per year without requiring collateral, to aid households in installing solar panels and reducing long-term electricity expenses.
According to Thai News Agency, Mr. Songpol Cheevapanyaroj, Director of GSB, announced that this initiative follows the government's policy, which received Cabinet approval on October 27, 2026. The program aims to support 1 million households by subsidizing the equipment and installation costs of solar power systems up to 50,000 baht per household, under a 50 billion baht budget. The bank’s solar loan project features a fixed interest rate of 2.50% annually with a maximum repayment term of 7 years, facilitating easier access to funds for installing rooftop solar panels, reducing energy costs, and enabling income generation through surplus electricity sales.
The loan covers costs associated with equipment and installation, including solar panels, inverters, and batteries. The total loan, combined with government subsidies, must not surpass the actual installation cost. The 50,000 baht subsidy will help reduce the outstanding debt. For instance, if installation costs 140,000 baht, the subsidy would decrease the principal to 90,000 baht. Surplus electricity sales will prioritize loan repayment as per the project terms. Interested participants must register and verify eligibility with the Metropolitan Electricity Authority (MEA) or the Provincial Electricity Authority (PEA), then choose a registered installer and submit necessary documents to GSB.
Eligibility for the program requires Thai citizenship, being 20 years or older, having a permanent address, and owning a Type 1 residential electricity meter. Once approved, GSB will disburse funds directly to the installer. However, the bank advises evaluating cost-effectiveness based on electricity consumption versus installation and payment costs. Participants are not exempt from income tax on solar installations or electricity subsidies, but those holding a government welfare card can apply for loans until July 31, 2027. The bank will assess the applicant's financial needs and repayment ability. Further details can be found at www.gsb.or.th or by contacting the GSB Contact Center at 1115.