Are you ready to have your electricity bill go down?
The cost of electricity in the Philippines is one of the most expensive rates in Asia, but the Pag-Ibig Fund can help. Currently, the residential electric rate of Meralco is set at Php 10.5799 per kilowatt hour. With urban areas accounting for the biggest share in electricity consumption in the country, it comes as no surprise that many Filipinos living in the city are looking for different ways to cut down on their electric bill.
A green practice you may want to learn about before relying on the Pag-IBIG Fund is the use of renewable energy, particularly solar energy. Some Filipino homeowners have already installed solar panels in their homes. Solar panels are devices that capture and convert sunlight into electricity.
However, depending on its capacity and design, one would need to pay an expensive cost upfront for a solar panel. As such, although many are interested to have their own solar panels, they can’t afford to.
This is where the Pag-IBIG Fund can come in.
Pag-IBIG Fund’s Home Improvement Loan
Under Pag-IBIG’s Home Improvement Loan, it is now possible for homeowners to use solar energy. Members may apply for a home improvement loan and use it to buy a solar panel. A member may borrow Php 130,000 to purchase a 1-kilowatt solar panel. This can be amortized up to 25 years, depending on the capability of the member to pay.
Check out this video to learn how you can lower your electricity through Pag-IBIG Fund.
The Pag-Ibig Fund Can Help You Make the Switch to Solar Power
You can apply for Meralco’s Peak / Off-Peak (POP) Program when you use solar panels. This program allows you to save more on your electricity because you can take advantage of a different electricity rate. During peak hours, which are every Monday to Saturday from 8 am to 9 pm, the cost of electricity is higher. The daytime cost is at Php 7.48, while it’s at Php 3.55 for off-peak hours.
Another great thing about using solar panels is that you can earn from it like in Mike De Guzman’s experience with Meralco’s net-metering program. He is one of the few Filipinos who have started using solar panels to power up his home. Under the net-metering program found in the Renewable Energy Act of 2008, solar panel users may sell their surplus electricity from their devices back to the power grid provider.
Indeed, solar energy is a good alternative for those who want to lessen their carbon footprint and electric bill without minimizing their energy consumption. Since the energy that you get from the sun is free, you only have to pay for the initial purchase of the solar panels plus regular minimal maintenance. Furthermore, you won’t have to worry about power outages since you have backup electricity.
What do you think of Pag-IBIG Fund’s effort to help Filipino save money? Share with us what you think by leaving a comment below.