Iraq offers incentives for solar energy

Shafaq News – Baghdad

Iraq has introduced a low-interest loan program to support the installation of solar panels, part of a wider national effort to cut emissions and reduce the burden on its overstretched electricity grid.

Launched in partnership with Region Trade Bank (RTB) and backed by financing from the Central Bank of Iraq, the scheme is open to both residential and commercial users. Loans range from 7 million to 30 million Iraqi dinars ($4,800–$20,700), with repayment periods of up to seven years and an optional six-month grace period.

“This initiative opens a practical path for Iraqis to adopt clean energy solutions and take part in building a more resilient and sustainable economy,” said Ahmed Nowzad, RT Bank CEO, cautioning that applications can be submitted through the government’s official portal.

While Iraq remains one of the world’s largest oil producers, it continues to face persistent electricity shortages—particularly during the summer, when temperatures often surpass 50°C and power demand surges. Iraqi authorities have recently identified solar power as a practical tool to diversify energy sources and reduce dependence on fossil fuels.