Mike Allen, Chairman of the ReEx Capital Asia, the company NDBP is working with, in an interview said the project will be a grid-connected solar electricity system which will link several solar panelsto the power grid or a net metering concept.
Allen said with this system, the use of energy can be reduced because the solar panels or the alternative energy use can make electricity bill small.
NDBP President Kaleb Udui said this program is being conceptualized since 2006 and the bank is also coordinating with the Palau Public Utilities Corporation (PPUC) for the project launching by June.
Udui said NDBP can offer loans to households and businesses to enable them to pay the cost of using solar panels.
Udui said in June the pilot project will be launched.
Allen said this system will be the first of its kind in Palau which can reduce electricity consumption in home and businesses to at least 50 percent.
He added at the same time it will give PPUC excess power capacity load.
NDBP has a separate Energy Efficiency home loan program, providingsubsidies to the borrower to build energy efficient homes.
The net metering concept however can be implemented to already built homes.
