Hayleys Solar and Bank of Ceylon Partner to Offer Low-Interest Solar Financing Loans

Driving the adoption of green energy practices across the country, Hayleys Solar, the renewable energy arm of Hayleys Fentons has entered into an agreement with the Bank of Ceylon (BOC) to provide low-interest loans for both residential and commercial customers in a bid to encourage them to make the transition to renewable energy.

Customers can take advantage of the partnerships’ exceptional financial schemes, which offer loan plans with the lowest interest rates in the market with a 7-year repayment period. The rates are as follows:

  • Residential Customers – 10% interest for up to Rs. 3 million
  • Commercial Customers -10% interest for the maximum loan amount up to Rs. 5 million, 11% interest for Rs. 5-10 million and 12.5% interest for Rs. 10 to 50 million.

Even after paying the loan instalment, customers can save Rs. 45,000 upwards monthly with a 10kW system or exceed Rs. 75,000 with a 15kW system. For larger households and businesses, a 20kW system translates to monthly savings exceeding Rs. 100,000 after the loan payment. Larger capacity translates to larger savings over and above the loan instalment, which makes these financing options highly affordable.

Customers can enjoy substantial monthly savings based on their chosen system capacity.  As explained in the table, as the system size grows, so do the savings:

Hasith Prematillake, Managing Director of Hayleys Fentons, commented on the collaboration, saying, “We are proud to champion Sri Lanka’s solar industry and to inspire more people to commit to an eco-friendly and greener future. Hayleys Solar, a trusted brand and household name, is leading the way in partnership with Bank of Ceylon to make solar power more affordable.”

Mr. G. A. Jayashantha, DGM for International, Treasury and Investment of BOC added, “BOC is pleased to provide financial assistance to customers wishing to adopt solar power as it reflects our responsibility as a corporation that nurtures the environment by promoting renewable energy sources in partnership with Sri Lanka’s leading solar energy provider, Hayleys Solar.”

Hayleys Solar has played a leading role in the nation’s renewable energy drive, supplying over 200MWp of rooftop solar power. Specialising in end-to-end solar power solutions, the company offers island-wide installation, after-sales services, and maintenance for a range of domestic, SME, commercial, and industrial needs.

Roshane Perera, Executive Director and CEO of Hayleys Solar added, “The energy crisis faced several years ago in Sri Lanka drives home the urgency of expanding into renewable energy. At Hayleys Solar we have taken steps to make solar energy affordable while fostering environmental sustainability. Our efforts include strategic partnerships with large banking institutions such as Bank of Ceylon for the benefit of its large customer base.”

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