Al-Rasheed Bank introduced a new loan program in Iraq to boost solar energy systems across the country. As part of this initiative, the bank offers loans of up to 30 million Iraqi dinars. These loans aim to help citizens and employees install solar panels at home, supporting Iraq’s transition toward renewable energy and reducing dependence on the national power grid.
This move supports Iraq’s shift toward cleaner, more sustainable energy—and gives households a chance to cut electricity costs while going green.
The Central Bank of Iraq funds the program directly. The interest rate stands at just 3%. This low-cost financing makes renewable energy more accessible to people in different regions. So Many Iraqis can now invest in clean energy without a heavy financial burden.
The new program supports Iraq’s clean energy strategy. Government officials want to reduce dependence on oil and gas. Solar energy loans in Iraq will push more homes and buildings to shift toward sustainable energy sources.
Al-Rasheed Bank confirmed the process will be simple and available online. Applicants must use the national “Ur” platform to apply. This system ensures fairness and gives citizens across the country equal access to funding.
Citizens living in rural or remote areas often face power cuts. Solar energy loans in Iraq help these communities get stable power. With solar panels, households can meet their daily energy needs without relying on the national grid.
Environmental advocates support this move. Solar energy loans in Iraq can reduce pollution and ease pressure on the country’s aging power infrastructure. As well as Iraq still struggles with electricity shortages, especially during the summer.
The government has been working on green energy goals for years. Still, implementation has moved slowly. So this loan program shows a clear step toward progress. Financial support can finally speed up the adoption of solar power.
Officials hope to see thousands of homes benefit from this initiative. In the long run, widespread use of solar panels may help lower fuel consumption. In addition It can also reduce public spending on power subsidies.
Iraq needs both policy and financial tools to lead a clean energy transition. This loan program combines both. As well as it also encourages local companies to produce, install, and maintain solar systems.
This program marks a shift toward practical solutions for real energy challenges. It proves Iraq is ready to invest in cleaner, more efficient technologies.