Scotiabank's energy loan customers can now determine potential loan payments, based on consumption, online.
The financial institution launched its innovative SmartEnergy Calculator on Thursday at its Constant Spring Financial Centre. The nifty energy loan calculator complements the Bank's SmartEnergy Loan available to Small and Medium-Sized Enterprises and householders to fund energy efficiency projects that will help the environment and cut energy costs.
The easy-to-use calculator is available on the Scotiabank website in the loans section and gives actual loan payment information in a few simple steps. The actual loan payment amount is determined by entering one's electricity consumption in Kilowatts and one's desired repayment period. Based on this information, the energy tool then calculates the estimated cost of an alternative energy system and your monthly loan payment.
"Alternative energy is not seen as a viable option by many consumers because they are of the opinion that the setup costs are expensive and therefore this is an option that is only taken up by persons enjoying a certain financial standing," said Wayne Powell, Scotiabank's executive vice president - retail.
"The Energy Loan Calculator helps consumers counter this premise. By entering enter their current monthly electricity usage, the calculator will choose the alternate energy system that best suits the customer's requirement, calculate the cost to 100 per cent finance the system and, provide the monthly payment for the period of five years," he said.
Powell added that the calculator will compare monthly payment each year versus the cost of electricity for that year.
"This instrument therefore will give customers an idea of what the variables involved in acquiring the system would work out to be, and sets the foundation for them to meet with the partner energy companies and their private or business banking officer." he said.
The rollout of the Smart Energy Calculator follows on the bank's provision of the SmartEnergy Loan, made available at interest rates as low as 9.75 per cent per annum for amounts of up to $2 million with a repayment period of up to five years, and up to 100 per cent financing on equipment and installation costs.
The loan may be used to purchase a range of projects, including installation of solar panels, solar water heaters and grid panels, and equipment to support green energy systems. A unique value proposition of the SmartEnergy is that it provides loans at preferential terms, access to a dependable partner with a high quality product, and empowerment to make choices about consumption and a suitable energy source.
World trading price of oil per barrel hovers around US$88 while in Jamaica the average cost of electricity increases at around 10.7 per cent year over year.