Bangkok:The Bank for Agriculture and Agricultural Cooperatives (BAAC) has introduced a solar loan program to support farmer customers in accessing sustainable clean energy. This initiative aims to facilitate the installation of solar energy systems by providing loans with an interest rate of 2.50 percent per year. The program covers installation costs up to 140,000 baht, with an additional government subsidy of 50,000 baht.

According to Thai News Agency, the solar loan program is part of BAAC's participation in the 'Solar for the People' project, a collaboration with the Ministry of Interior, the Metropolitan Electricity Authority (MEA), and the Provincial Electricity Authority (PEA). Mr. Chatchai Sirilai, Manager of BAAC, emphasized that this initiative aligns with government policy to promote clean energy usage, thereby reducing energy expenses and increasing farmers' income.

The eligibility criteria for the loan specify that applicants must be farmer customers of BAAC, with the borrower's age, including the loan agreement, not exceeding 85 years. Each household can apply for one entitlement only. Additionally, applicants must be Type 1 residential electricity users, certified by PEA or MEA, with a solar power generation system capacity between 5 to 10 kilowatts per meter.

Applicants with an existing tax deduction measure for solar cells or those eligible for the solar cell tax deduction up to 200,000 baht are not eligible. However, farmers holding a state welfare card can participate if they waive their electricity subsidy entitlement. The project is open for applications until July 31, 2027, with the completion of loan approval and disbursement by August 31, 2027. The repayment period is set for a minimum of 7 years. Further inquiries can be directed to any BAAC branch or the BAAC Contact Center.