Lending

Helios Pioneers Solar Mortgage Programme to Introduce Affordable Sustainable Energy

Philippines startup Helios claims to have launched the first solar mortgage programme, marking a step towards transforming the local energy landscape. This initiative aims to facilitate Filipino households’ access to solar energy through affordable financing solutions, effectively reducing electricity bills for numerous families and offering a safeguard against the erratic nature of power costs.

Helios, as described by its co-founder and chief customer officer Alex Aronson, operates as a climate fintech platform, orchestrating the process between banks, customers seeking to mitigate high electricity expenses, and installers. The company’s role could be pivotal in streamlining the transition to solar power, making it a viable option for homeowners.

Helios, which commenced operations in March 2023, is spearheaded by former athlete Alex and Hsin Yao Cheng, seeks to democratise access to sustainable and reliable energy sources by blending solar technology with financial products.

Contrasting sharply with conventional bank loans that can carry interest rates between 35 to 38 percent annually, Helios offers a mortgage model with an interest rate of 6 to 7 percent over a minimum period of three years. Its refinancing scheme, which combines home mortgages with solar financing, has garnered attention for its innovation and practicality.

Helios has forged strategic partnerships, notably with the Bank of Philippine Islands (BPI) and Security Bank, to deliver these financing packages. The collaboration focuses on creating a financial product that benefits consumers by offering relief from high utility bills while meeting the banks’ criteria for a sound credit product.

The company collaborates with premier solar installers and suppliers, ensuring quality and reliability with a 25-year warranty on solar panels. Helios also prioritises preventive maintenance and provides continuous support to address consumer concerns.

In its inaugural year, Helios says it witnessed encouraging engagement, particularly from millennials, reflecting a growing consciousness around green solutions and their benefits. The company also addresses the needs of those cautious of credit, offering battery solutions for energy storage, enabling a complete shift away from reliance on power distributors.

Helios, despite its broad aspirations, maintains a lean operation with a team of 15, with the aim of illuminating 10,000 homes. This ambition underscores the widespread demand for solar financing across the country, illustrated by a contract to power a thousand homes in Davao sustainably.

Employing technology akin to Tesla for generating satellite imagery of roofs, Helios ensures precise installation planning for solar panels. Prior to founding Helios, Alex contributed to the local fintech industry as the general manager of Plentina Philippines and has an illustrious background as an athlete, representing the Philippine Volcanoes in rugby, achieving notable successes including a gold medal at the SEA Games.