SECURITY BANK Corp. has partnered with Helios to integrate solar panel purchases into new or existing housing loans and increase access to solar energy.

“By leveraging each other’s strengths, we aim to position our solar mortgage offering not merely as an option, but as a necessity,” Security Bank Senior Vice-President and Secured Lending Division Head Paz Victoria R. Gonzalez said in a statement on Wednesday.

Security Bank and Helios signed a memorandum of agreement (MoA) on Feb. 29 for the lender to begin offering solar panels alongside home loans.

Under the MoA, Helios will direct potential clients to Security Bank for home loans inclusive of solar panels, a home equity option for solar panel acquisition, and solar mortgage through the bank’s Top-Up Program.

Helios Founder and Chief Executive Officer Hsin Yao Cheng said the solar mortgage allows customers to purchase solar panels with no downpayment and create a passive income stream without having to wait for capital appreciation or rental income.

The partnership aims to provide homeowners with a cost-effective solution for purchasing solar panels to help save on electricity bills and reduce carbon emissions.

Helios collaborates with solar panel providers nationwide, offering a 25-year warranty for their products.

“Moreover, Helios prioritizes preventive maintenance and consistent support to ensure the efficient functioning of solar systems throughout their lifespan,” Security Bank said.

Security Bank Senior VicePresident and Retail Banking Segment Head Rahul S. Rasal previously said it expects the bank’s home loans to grow by 15-20% this year after increasing by 40% in 2023.

Helios also partnered with Bank of the Philippine Islands earlier this year to offer home loans with solar energy solutions.

Security Bank’s net income declined by 13.74% to P9.105 billion last year due to higher expenses and as it set aside more loan loss reserves.

Its shares closed unchanged at P69.05 apiece on Wednesday. — AMCS

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