The increasing utility and importance of solar energy have led solar plants to expand beyond industrial areas into rural regions as well. Solar energy is playing a crucial role in reducing the limited power production and distribution irregularities. Both government and private sectors are making significant efforts regarding the installation of solar panels, solar plants, and energy distribution plans. To promote solar energy and make it accessible to households, financial schemes with affordable rates are being established, covering everything from materials to easy solar panel loans. These initiatives also simplify the process of obtaining bank loans for solar projects by reducing upfront payments and streamlining loan procedures. Both private and public banks are offering loans at reduced interest rates.
Types of Solar Plants:
Solar plants are primarily categorized into residential and commercial/industrial types. Residential solar plants typically range from 1 to 10 kilowatts, while those above 10 kilowatts fall under the commercial category. Residential solar plant loans are provided under home improvement loans by banks, and they often come with subsidies. However, commercial solar plants do not receive such subsidies.
Choosing the Right Solar Panel:
Before installing a solar plant or panel, you need basic information. You can contact private solar companies or use government toll-free numbers for guidance. This information includes suitable locations for solar plants, the required power capacity, costs, and energy distribution plans. After gathering this information, you can either visit a bank branch or consult a solar agent. The loan for solar energy usually has a term of four to five years. To apply for a loan, you must have sufficient space, a bank account, identity proof, income details, etc. Before applying for a solar plant loan, check your eligibility through the bank’s website or contact their given phone number.
Debit Card Holders and Pradhan Mantri Jan Dhan Yojana Loans:
To qualify for a solar panel loan, you need a bank account, which also provides you with a debit card. Many private and government banks offer loans based on the eligibility of this debit card. If your account is part of the Pradhan Mantri Jan Dhan Yojana, you can still apply for a solar energy loan.
Loans Covering 75 to 80 Percent of Costs:
For residential solar installations, costs typically range from 30,000 to 300,000 rupees, depending on the capacity. Necessary documents must be submitted to the bank, and once approved, you can get up to 80 percent of the total cost as a loan. This means you need to pay 20 percent upfront. Under the Kusum scheme for farmers, only 10 percent of the total cost needs to be paid, as the remaining amount is covered by the bank loan. Such loans are available through all SBI corporate group branches, mid-corporate group branches, and SMI branches. Interest rates range from SBI's one-year MCLR plus 0.2 percent to 0.5 percent additional interest. Loan repayment terms extend up to 15 years. For more information, please contact your nearest SBI branch.
Choose a Trustworthy Solar Company:
There are numerous solar companies operating in the open market, providing detailed information about solar panel installations and bank loans. It is essential to be fully prepared technically and mentally before installing a solar panel. A reliable solar company can assist you in this preparation. While cheaper options may exist in the market, always ensure you verify the credibility of the chosen solar company. In the solar energy sector, Genesis is a trusted company that offers comprehensive services ranging from household and industrial solar panel installations to maintenance of solar plants.
By expanding access to solar energy and simplifying loan processes, we are paving the way for a greener future while ensuring affordability and reliability for consumers.
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