To be eligible for net metering financing, you must:
- Have an annual turnover of up to €5m.
- Have the solar panels installed at the premises they will power, or at a location adjacent to the premises.
- Own the premises where the panels will be installed or be legally entitled to use the premises and obtain the owner’s written permission to have the panels installed.
If you are renting the premises, the term of the tenancy agreement must exceed the term of the financing.
For net metering purposes only
To be eligible for a loan to finance your investment, you must intend to use the energy generated for self-consumption in the context of a net metering scheme.
Up to 80% of the overall investment cost
The financing may cover up to 80% of the overall investment cost. Eligible costs include:
- Infrastructure, such as modification works on rooftops and interior layout.
- Equipment purchase and installation.
- Connection to the Greek Public Power Corporation (PPC) power grid.
- Feasibility study.
The overall investment cost is inclusive of VAT, unless your business is exempt.
Up to 10 years, with reduced collateral requirements
The term of the loan depends on your needs and may be up to 10 years.
Collateral requirements are based on your business credit rating and the loan term you request.
Disbursement in instalments
Your loan is disbursed in 2 instalments:
- According to the progress of the relevant works.
- After you provide the required supporting documents and/or invoices.
To start receiving the loan instalments, you must first provide your own funds for the investment.
Floating interest rate
The interest rate on a net metering loan is floating and linked to the 1-month Euribor.
The spread depends on the collateral you offer.
Law 128/1975 levy
The final interest rate is subject to a levy of 0.60% according to Law 128/1975 for the entire term of the loan.
Pay in monthly or quarterly instalments
Your monthly or quarterly instalments repay interest and part of your loan principal (interest and amortisation instalments).
The grace period for your loan may last up to 6 months.
You may repay your loan in full or in part at any time without any penalty.
What is net metering
With net metering, the energy generated by the solar panels that are installed at the premises of a business is calculated against the energy consumed at those premises.
Businesses can use net metering schemes to cover their energy needs partly or fully. At the same time, they can use the PPC power grid to store the green energy generated by their solar panels, i.e., provide energy to the grid and get credit for energy they can use later on.
Reduced operating costs
By having solar panels installed in the context of a net metering scheme, you reduce the energy costs of your business.
This allows you to keep better track of your expenses and overall financial planning, as your business is not affected by surging energy costs.
Before you visit a Eurobank branch
To apply for financing, you must first:
- Have a technical survey carried out and obtain a quote for the equipment and installation.
- Submit a connection application to the Hellenic Electricity Distribution Network Operator (HEDNO).
- Receive a quote from the HEDNO in writing concerning the connection terms and conditions and costs.
Financing in 6 steps
- Submit your application at the Eurobank branch closest to you, along with the aforementioned connection application, technical survey and quote.
- Sign the connection agreement with the HEDNO and pay the costs incurred.
- Sign the net metering agreement with the electricity provider.
- Get your 1st – and largest – loan instalment (up to 85% of the total) according to the final or draft invoices.
- Apply to the HEDNO to activate your connection.
- Get the rest of your loan as soon as you can provide the connection activation certificate.
You can have solar panels installed and enter a net metering scheme to make your business more competitive by:
- Reducing operating costs.
- Keep better track of your expenses, as you are not affected by surging energy costs.
- Reducing your environmental footprint, as you use renewable energy sources.