Users of rooftop solar power will be insured for the first time in Vietnam under a deal among solar energy solution provider SolarBK Holdings, BIDV, and insurer BIC. (Photo: VNA)

HCM City (VNA)
– Users of rooftop solar power will be insured for the first time in Vietnam under a deal among solar energy solution provider SolarBK Holdings, Bank for Investment and Development of Vietnam (BIDV), and BIDV Insurance Corporation (BIC).

The three firms held an event in Ho Chi Minh City on September 20 to launch an insurance product for households that use SolarBK Holdings’ BigK solar panels to generate electricity.

As the quantity of power produced by rooftop solar panels largely relies on weather condition, the insured would get compensation if the quantity is not as expected.

If the actual volume of electricity produced is lower than 75 percent of the estimated volume, the clients will receive money for the difference from the BIC over a period of five years.

According to Nguyen Ngoc Quynh from SolarBK Holdings, when customers purchase BigK rooftop solar systems from the SolarGATES, a subsidiary of SolarBK Holdings, from now to July 31, 2019, they will be provided with this new type of insurance.

The customers can also get loans from the BIDV for their purchases at preferential interest rates for up to 36 months that are applicable until October 31 this year.

This move aims to encourage more people to use the renewable energy in the future as the industry is still in its early stage. –VNA