Seychelles Energy Efficiency and Renewable Energy Programmme (SEEREP)

The Seychelles Energy Efficiency and Renewable Energy Programmme (SEEREP)

The Seychelles Energy Efficiency and Renewable Energy Programmme (SEEREP) is a subsised loan designed to help households and Small – Medium Enterprises (SMEs) access capital to make their house or businesses more energy efficient and invest in Renewable Energy Technologies (RET)

Applicants can borrow up to SCR150,000 at a low 5% interest rate over a period of 5 years. Loan above SCR 75,000 are subject to a personal contribution of 2.5%.

STEPS for SEEREP Application: see leaflet attached

N0 of SEEREP applications received during the year 2014 to mid-2020 as follows:

YearNumber of SEEREP applicants
201423
201512
201659
201745
201824
201922
20202
Total187

 

For each application, the applicant may apply to buy equipment, provided that the total cost does not exceed the amount of the loan.

For solar PV, the applicant often has to apply only for the PV system because of its cost which is high, about 30 applications were approved and 6 were not approved by the bank.

The Commission received a total of 187 applicants for the SEEREP loan scheme during the period 2014 to 2020. Unfortunately, no application for this year 2021. Note this figure reflects the application only and not how many have been successful in receiving the loan. The commercial banks maintain their sovereignty with regards to processing the loan applications and from experience very few are successful. We do not have the stat for those successful applications as we do not receive such from either the banks or Ministry of Finance. Initially, there used to be someone at finance as focal point for the scheme to assist us but not anymore. 

During 2020, the COVID -19 pandemic year, we have the least applications. Main reason was the participating banks were not processing the SEEREP loan. Also, over the years we have seen banks pulling out of the scheme such as Credit Union and Baroda. For applications which have been rejected by banks are often due to other requirements set by the banks ( eg.. debt level, age of applicants, loan repayment etc). There were some applications not approved from our sides mostly because the appliances did not meet the energy efficiency criteria.

 

AVAILABLE AT THE FOLLOWING BANKS

  • Barclays Bank
  • Mauritius Commercial Bank
  • Seychelles Commercial Bank
  • Nouvobanq
  • Habib Bank LTD
  • Bank of Baroda
  • Development Bank of Seychelles
  • Bank of Ceylon

WHY WE NEED TO BECOME ENERGY EFFICIENT

  • Energy efficiency saves you money by lowering your utility bills.
  • Energy efficiency helps you reduce your carbon footprint.
  • Energy efficiency improves the economy.
  • Energy efficiency is good for the environment.
  • Energy efficiency improves national security
  • Energy efficiency enhances quality of life.

SAVINGS MADE FROM ENERGY EFFICIENT APPLIANCES

 Yearly electricity cost with normal fridge = SCR 1667

Yearly electricity cost with an energy efficient fridge = SCR 898

Yearly savings = SCR 770

 

 

Yearly electricity cost with normal washing machine = SCR 1201

Yearly electricity cost with an energy efficient washing machine = SCR 513

Yearly savings = SCR 668

 

 

Yearly electricity cost for water heating = SCR 2490

Yearly electricity cost with energy efficient SWH = SCR 249

Yearly savings = SCR 2241

 

 

Yearly electricity cost with normal A/C = SCR 4119

Yearly electricity cost with energy efficient A/C = SCR 1796

Yearly savings = SCR 2324

 

 

*Subject to change based on electricity tariff

**Indicative price for energy efficient appliance

For a full list of appliances visit: www.sec.sc

 

 

WHY DO YOU NEED THE SEEREP LOAN?

To help you invest in energy efficiency appliances at a low interest rate. With the savings made from the energy efficient appliances your payback period will be short.

EXAMPLE OF A LOAN APPLICATION UNDER SEEREP FOR ENERGY EFFICIENCY APPLIANCES

 Below SCR 75,000 = 0% personal contribution

 

  • Total costs of fridge SCR 16,000
  • Total Loan amount SCR 16,000
  • Term of the loan: 5 years
  • Annual Interest rate: 5%

If above SCR 75,000 = 2.5% personal contribution

 

  • If total = SCR 110,000
  • Personal amount = SCR 2,750
  • Total loan amount: SCR 107,250
  • Term of the loan: 5 years
  • Annual Interest rate: 5%

 

HOW TO IDENTIFY AN ENERGY EFFICIENT APPLIANCE?

ENERGY EFFICIENCY RATING

A+++ is the most efficient, and D is the least efficient,

Based on the product’s energy consumption.

ANNUAL ENERGY CONSUMPTION

The annual energy consumption (in kWh per year) for each product is calculated using specific EU-defined criteria. Here, for tumble dryers, the figure is calculated based on the standard cotton program at full and half load.

 

PRODUCT SPECIFIC INFORMATION

You’ll also find images showing extra data related to the product, such as capacity, water consumption and noise levels.

 

 

STEPS FOR SEEREP APPLICATION

 

  • SHOP

Choose your energy saving equipment and obtain proof of energy efficiency (copy or photograph of the energy label). Bring this and your pro-forma invoice to SEC.

 

  • SEC

Bring all the above documents, complete your SEEREP application form and get your pro-forma invoice approved and stamped.

 

  • BANK

Submit your approved pro-forma invoice and complete your SEEREP loan application.

 

  • SHOP

Purchase your equipment and enjoy the benefit of saving money by using less energy.

 

 

 

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