Financial support is available for domestic users and commercial users through cash incentives and discounted loans.
For commercial users
- Cash incentive.Commercial users can receive a cash incentive for installing a solar PV system. The maximum amount available under the rebate scheme is SCR 90,000.
How to apply? Once the PV system has been commissioned by PUC Electricity, VetiverTech will submit a PV Rebate Application Form to PUC who needs to confirm that the system has been properly installed. SEC will then verify that the system meets the Terms and Conditions. The Project Coordination Unit (PCU) of UNDP will then be in touch to inform you whether or not your application has been successful. The rebate payment for successful applicants will be disbursed by the Development Bank of Seychelles (DBS).
- Discounted loan. A loan facility of up to SCR 3 million is available to businesses in various sectors (other than retails and wholesale) with an annual turnover of no more than SCR 5million. The scheme is based on a two-tier interest rate structure with Government providing some element of interest subsidy where the client will be charged as follows:
- 5% interest on the first SCR1million
- 7% interest on the next SCR 2million
- For any additional amounts above SCR 3million, the interest rate would be negotiated between the bank and the client.
The grace period could be up to 6 months during which time the client and the bank can negotiate to pay either interest only or capitalize on interest. The repayment period could be up to 7 years or higher subject to negotiations between the client and the bank. The personal contribution shall not exceed 2.5% of the loan amount, or 20% for real estate development or construction projects.
How to apply? Please contact your financial institution for more information.
For the most recent updates on financial support please visit the Seychelles Solar Rebate Scheme http://pvproject.sc/ and SEC website http://www.sec.sc/index.php/renewable-energy/promotion or contact:
Mr Tony Imaduwa
Seychelles Energy Commission
Room 307, 3rd Floor, Block B, Unity House
(+248 ) 461 08 21