Financing Solar Power
Are you considering harnessing the power of the sun to meet your energy needs? If you're a homeowner in India, you're in luck. Solar power is not only an eco-friendly choice but also an economically sound one. In this guide, we'll explore how financing your rooftop solar installation through Solar loans can make solar power an affordable reality for you.
The Cost Barrier: Solar Loans to the Rescue
While the benefits of solar power are clear, the initial cost of installation can be a deterrent for many homes. This is where solar loans come into play. Solar loans (or Solar financing) allow you to spread the cost of your solar installation over time, making it more budget-friendly. Multiple solar rooftop investment programs across various banks and financial institutes makes it easy for you to get loans.
How Solar Loans Work for Solar Financing
Let's break down the process:
- Eligibility Check: OneStop.Solar will start by checking your eligibility for a Solar loan with various banks and financial institutions.
- Loan Application: We will submit your loan application along with the necessary documents.
- Loan Approval: Upon approval, the lender disburses the loan amount directly to your chosen solar installer.
- Solar Installation: Your selected installer will proceed with the solar panel installation on your rooftop.
- Repayment: You will repay the loan amount in fixed monthly installments over the loan tenure. These installments are tailored for you making it affordable and manageable.
Top Residential Solar lenders:
| Lender | Capacity | Down Payment | Collateral | Interest Rate | Tenure |
|---|---|---|---|---|---|
| HDFC BANK | <= 10 kW | <= 15% | Nil | 11 - 13% p.a | Up to 5 years |
| Paytm | As per CC/DC limit | Nil | Nil | 7 - 13% p.a | Up to 3 years |
| State Bank of India (SBI) | <= 1 MW | 20% | Nil | 8.95 - 10.4% p.a | Up to 10 years |
| Electionica Finance Limited (efl) | <= 500 kW | 10% | Nil | 10 - 14% p.a | Up to 5 years |
Government Subsidies and Incentives
The Indian government offers various incentives and subsidies to promote solar power adoption. These can significantly reduce the overall cost of your solar installation. One such incentive is Net Metering.
With net metering, any excess electricity generated by your solar panels is fed back into the grid. In return, you receive credits on your electricity bill for the surplus energy you provide. This means that on sunny days when your panels produce more electricity than you use, you can effectively "bank" that energy for use on cloudy days or during the night. It's like a savings account for electricity!
CAPEX vs OPEX Financing for businesses
You can harness the power of the sun with two key options: own (CAPEX) or lease (OPEX) your solar panels.
CAPEX: Make a larger upfront investment and enjoy long-term savings, control, and potential grid-selling. Consider government subsidies and tax benefits.
| Lender | Capacity | Down Payment | Collateral | Interest Rate | Tenure |
|---|---|---|---|---|---|
| HDFC BANK | <= 1 MW | 20% | case to case basis | 10 - 10.5% p.a | Up to 5 years |
| Union Bank of India | <= 2 MW | 15 - 20% | case to case basis | 9 - 10% p.a | Up to 10 years |
| Punjab National Bank (PNB) | <= 10kW | 30% | Nil | 11.5% p.a | Up to 5 years |
| Electionica Finance Limited (efl) | <= 500kW | 30% | Nil upto 50 lacs | 10 - 14% p.a | Up to 5 years |
OPEX: Start with no upfront cost and enjoy convenience with fixed monthly fees and hassle-free maintenance. Weigh lower long-term savings and limited control.
| Lender | Capacity | Down Payment | Collateral | Tenure |
|---|---|---|---|---|
| Tata Capital | >= 100 kW | 15 - 30% (interest bearing) | Nil | 3 - 8 years |
| SundayGrids | 25 - 200 kW | 15% | Nil | Up to 15 years |
| Electionica Finance Limited (efl) | <= 500kW | 30% (non-interest bearing) | Nil upto 50 lacs | Up to 7 years |
How Can OneStop.Solar Help You
At OneStop.Solar, we understand that transitioning to solar power can be a daunting process. That's why we're here to assist you every step of the way.
We can help you:
- Find the Right Setup: Our platform connects you with top-tier solar panel installers who can tailor a solar solution to meet your unique needs.
- Select the Perfect Installer: We take the guesswork out of finding a reliable installer. We've vetted our network of installers to ensure they meet the highest standards of quality and professionalism.
- Ensure Smooth Installation: We'll guide you through the entire installation process, making it hassle-free. From the initial consultation to project completion, we've got you covered.
- Assist with Financing: Our financing options, including EMI loans, make solar power an affordable choice for your home. We'll help you explore these options to ensure you get the best deal.
Ready to embark on your solar journey? Take the first step towards energy independence and environmental responsibility by exploring solar power options in your area.
Frequently Asked Questions (Click to expand)
Solar loan interest rate starts from 6% to 12% depending on consumer's profiling, cibil score, banking, loan amount, etc..
Here is a list of documents required for a solar loan: .
- Valid Proof of Applicant Identity - PAN Card + Aadhar Card .
- 12 Months Bank Statement .
- Residence ownership documents .
- Solar Installation invoice .
- 6 months electricity bills.
Solar loans for solar financing involve applying for a loan, getting approval, and repaying the loan amount in fixed monthly installments..
The Indian government offers various incentives and subsidies to promote solar power adoption. One such incentive is net metering..
OneStop.Solar can assist you in finding the right solar setup, connecting you with reliable installers, ensuring a smooth installation process, and exploring financing options like Solar loans..
But why do it alone?
At OneStop.Solar, we make your journey to solar power effortless and rewarding. We're your one-stop shop for everything solar, from initial consultations and system design to expert installation and seamless net metering setup. No need to navigate the complexities of the subsidy process - we'll handle it all for you, ensuring you receive every benefit available.
Here's how we make solar simple:
- Free solar consultation: Our friendly and knowledgeable experts will assess your home's energy needs and recommend the perfect solar system size and configuration.
- Competitive quotes: We partner with a network of vetted and certified solar installers to bring you the best value for your money.
- Hassle-free paperwork Let us handle the subsidy application process and all necessary permits, so you can relax and enjoy the sunshine.
- Expert installation: Our team of licensed professionals will install your solar panels efficiently and safely, ensuring optimal performance.
- Net metering setup: We'll seamlessly integrate your solar system with the grid, allowing you to sell excess energy back to the utility and further reduce your electricity bills.
- Ongoing support: We're here for you every step of the way, offering comprehensive maintenance and monitoring services to ensure your solar system keeps shining for years to come.
Call us at +91 62800 20890 to get started today!