Morelos, Banverde Finance Solar Panels for Local Companies

The Ministry of Economic Development and Labor of the state of Morelos and Banverde, a private capital fund dedicated to the financing of solar projects, recently signed an agreement aimed at providing financing to state companies for the installation of photovoltaic systems. The agreement states that participating companies will suspend their electricity payment for six months and then save up to 20 percent on their energy costs.

"This agreement seeks to facilitate companies and entrepreneurs the installation of photovoltaic systems to save on electricity bills and become more competitive, while also caring for the environment," said Ana Rodríguez, Minister of Economic Development and Labor, Morelos. 

The agreement focuses on micro, small and medium enterprises that can verify current electricity costs above MX$50,000 (US$2,506). Participants will access a fund of up to US$15 million in financing ranges between US$30,000 and US$1 million to install photovoltaic systems with a 30 percent discount in the system’s value. Additionally, installation, maintenance and insurance are included. Banverde estimates that savings can reach up to MX$4 million (US$200,420) throughout the first year following the installation. 

The lifespan of photovoltaic systems reaches up to 30 years, so eventually when the contract with Banverde is over, companies become owners of the equipment and enjoy more savings in the long term by generating their own electricity independently. 

Alberto González, Director of Corporate Affairs, Banverde, said that the current macroeconomic environment requires greater competitiveness. "Today the world is going through many changes, especially in electricity. It is essential to create options so that Morelos’ business men and women can overcome these barriers without decapitalizing," he said.

To date, Banverde has established agreements with different states of the country, such as Quintana Roo, Nuevo Leon, Jalisco and Durango for projects in the educational, business, hospitality and agriculture sectors. 

According to the Mexican Solarimetric Service, part of the Institute of Geology, UNAM, Mexico is among the five countries in the world with the highest potential for solar uptake, receiving an average of 5.5kWh/m2 of solar radiation daily. Moreover, in the northwest of the country, radiation reaches 8kWh/m2 during spring and summer. These conditions make 85 percent of the territory optimal for solar projects.