BAAC Offers 2.5% Solar Loans for Farmers With 50k Subsidy
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BAAC President Chat Chai Sirilai announced the bank's "Solar for the People" loan program to support farmer customers in accessing clean energy sustainably. The loan carries a 2.5% annual interest rate with a maximum amount not exceeding installation costs, set at a standard 140,000 baht. The government contributes a 50,000 baht installation subsidy, aiming to reduce energy expenses and increase farmers' income while promoting alternative energy.
As a state-owned specialized financial institution responsible for Thailand's agricultural sector, BAAC is advancing clean energy use in line with government policy. It joins the "Solar for the People" project led by the Ministry of Interior alongside the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA). The loan helps farmers access funding for solar power systems of 5-10 kilowatts per meter, reducing long-term costs and boosting income while supporting Thailand's energy transition.
Eligible farmers must be BAAC customers with combined borrower age and loan term not exceeding 85 years, limited to one loan per household. They must be residential electricity users (Type 1) approved by MEA or PEA as suitable for solar installation, have a meter capable of joining the power purchase system, and must not have already claimed the maximum 200,000 baht solar tax deduction. State welfare cardholders may participate but must waive their electricity subsidy benefits.
The program runs from Cabinet approval and BAAC board endorsement until August 31, 2027. Applications close July 31, 2027, with full loan processing completed by August 31. Repayment periods are a minimum of seven years or per bank conditions. Interested farmers can inquire at any BAAC branch nationwide or call the BAAC Contact Center at 02-555-0555.
