One of the easiest ways to cut down your electricity bill is by installing a solar power system. Solar energy which is a clean form of energy helps you do your bit for the environment as well. The Government of India is promoting solar energy on a large scale. This is because this form of renewable energy has immense benefits.
You might want to install Solar Garden Lighting Services. Or you may want solar energy to light up your home. One question that comes to your mind is the installation and maintenance cost of the system.
Consideration of certain factors to calculate the cost of the solar energy system:
The investment amount for the installation of the solar energy system depends on many things. The place where the system has to be installed is one such factor. Also, the energy requirement of your residential or commercial premises is to be considered.
But one thing is for sure every home or commercial premises must explore solar energy options. One of the biggest benefits is that brings down your electricity bills. Once you have this system use the air conditioner without worrying about the bill. When there is power failure no need to switch on the noisy expensive generator. You can use solar energy power backup for your home.
With so many advantages you surely want to choose the rooftop or the On Ground Solar Services. But you might be worried about the initial expenditure which can be in lakhs. If you do not have this investment amount even then you can install a solar energy system.
Explore the loan option for the installation of the rooftop solar panel!
These days you have the option of getting a loan for the installation of a solar energy system. Buying a solar energy system is similar to buying a car or a home. Banks and Non-Banking Financial Institutions are offering loans for the same. Overcome the challenge of financing the solar energy system by availing of a loan facility.
Possible ways of availing of loan facility for solar systems:
Here are some of the ways by which you can get a loan facility for solar energy systems:
Your debit card or credit card can help you get a solar loan!
Some banks are offering loans on a debit card for solar energy set-up. These banks are SBI, HDFC, ICICI, Axis bank, Federal Bank and Kotak Mahindra banks. For this, the customer has to check with the respective bank if he is eligible to get the loan. In case the loan is approved then the EMI is debited from the debit card.
It is also possible to get a loan and the EMI for the same is debited from the credit card. But for this type of loan option, you first need to check with the bank.
The option of a home improvement loan can be explored:
There are some banks in India like the State bank of India that offer home improvement loans. Normally one can get around Rs 1 lakh as a home improvement loan. The repayment tenure is around 4 to 5 years and the rate of interest is 8%.
For getting this loan the customer can visit the bank and check the procedure for a home improvement loan.
After this, the client can connect with the solar installation set-up and Solar Garden Lighting Services provider. The client can brief the company about the requirement. The company representative then comes to the site where the installation has to be done. He surveys the premises. He also takes into account the energy consumption of the house.
Based on all these details the expert shall give a quotation for the solar energy set-up. This quotation has to be on the letterhead of the company. The customer has to submit this letter to the bank.
Around 80% of the loan amount is transferred to the company account. This process can take about a week. Once this amount is received then the company does the installation at the customer site.
After the completion of the project, the customer has to submit NOC to the bank. Once the bank gets the NOC then the remaining loan amount is transferred by the bank to the company.
You also have the option of a personal loan:
Banks and Non-Banking Financial Institutions are offering personal loans. The customer can make use of personal loans for his different needs. So, if you are keen to install the solar energy system then see if you can get a personal loan. You can compare the interest rate and repayment tenure of different financial institutions. Choose one that suits your requirement.
Interested in knowing which financial institutions are offering solar finance?
Many financial institutions in the country are offering solar finance. HDFC bank is offering HDFC bank rooftop solar finance. Canara bank has the Canara Bank Housing cum Solar loan. Banks like the State Bank of India, Punjab National Bank, and Syndicate bank are also offering loans for grid-connected rooftop solar systems.
There are some well know NBFCs who are providing finance for solar projects. Some of the NBFCs are the Indian Renewable Energy Development Agency (IREDA), SBI Capital Markets, BNP Paribas, and Larsen & Toubro Finances.
Is a solar loan without collateral possible in India?
When it comes to loans some of you may be wondering if collateral or security has to be given. Banks and financial institutes make use of the collateral to recover the loan amount in case the borrower is not able to repay the loan.
Yes, there are financial institutions in the country that are offering collateral-free solar loans. The loan amount can be up to Rs 1 crore and the rate of interest is low as compared to the high loan amount. The rate of interest is around 8.25% for collateral-free solar loans.
You can also check the details of The Central Government scheme PM Kusum Yojana Component
Yes, there are options to get solar loans in the country and you only need to explore the options. To get the loan you need to complete the documentation formalities. Normally one needs to apply. Documents that have to be submitted are PAN card, address proof and electricity bills.
Looking for the right solar company is also important!
You can get a solar loan from many banks and NBFCs. But one very important point is to choose the right solar company. Ensure that you choose a company that provides high-quality solar panels.
Megamax Solar has been in this industry of rooftop and On Ground Solar Services for a long. We always provide quality panels and quality services. Our experts survey the client’s premises. He provides accurate details about the solar panel set-up to the client.
Summary:
If you feel that the installation of solar panels can be a financial burden then don’t worry. You can always explore the option of solar loans. Many banks and NBFCs are offering solar loans. Also, the Government of India is offering subsidies for solar panel set-up. As for the solar panel, the company choose Megamax Solar.