Azerbaijan allocates $123,529 in soft loans for solar panel installation

A soft loan of 210,000 manats ($123,529) has been allocated for the installation of solar panels in Azerbaijan, Report informs referring to an article by Minister of Energy Parviz Shahbazov published in the "Azerbaijan" newspaper.

According to him, another important direction in Azerbaijan's energy sector is stimulating investments in energy efficiency.

"The financing mechanisms of the Energy Efficiency Fund have been improved, and cooperation agreements have been signed with 14 credit organizations to provide soft loans. Soft loan funds amounting to 210,000 manats have been allocated for the installation of solar panels. Alongside this, the possibilities of applying the ESCO (Energy Service Company) model, which envisions the return of investments in energy efficiency through the savings achieved, are being studied," the minister noted.

The minister added that these mechanisms can make energy conservation more economically accessible for both businesses and consumers.