Effective April 1, contributors to the National Housing Trust (NHT) will be able to get loans under the homeowners' category to buy and install solar panels. Previously, NHT contributors who qualify for homeowners' loans could only use these loans to build, buy or improve residential property.

Homeowners' loans are available to qualified NHT customers who already own a house but who have never received a loan from the NHT. It means therefore that a single applicant can get up to $1.2 million and co-applicants up to $2.4 million (subject to affordability) to purchase and install solar panels. Applicants get up to 15 years to repay the loan, but the length of time may be less depending on the age of the applicant at the time of the application.

The use of the homeowner loan for buying and installing solar panels is independent of the NHT's solar water heater loan benefits, which have a loan limit of $100,000, loan tenure of five years and interest rate of three per cent.