The significance and utility of solar energy are rapidly increasing, which is why solar plants have now extended beyond industrial areas and reached residential neighborhoods. Solar energy plays a crucial role in reducing the limited resources for electricity generation and the irregularities in power distribution. Both the government and private sectors are making significant efforts regarding solar panels, solar plants, and solar energy distribution schemes. To promote solar energy and bring it to every home, arrangements are being made for affordable materials and easy solar panel loans. These schemes allow people to avoid upfront payments and simplify the loan process for solar installations. Private and government banks are offering loans at low interest rates.
There are two main types of solar plants: residential and commercial/industrial. Solar plants with a capacity of 1 to 10 kilowatts fall under the residential category, while those with more than 10 kilowatts are considered commercial. For residential solar plants, banks provide loans under home improvement schemes, and the government offers subsidies. However, commercial solar plants are not eligible for subsidies.
Choosing a solar panel requires some basic information. You can contact private solar companies like Genes or call a government toll-free number for guidance. This information includes the suitable location for a solar plant, the required power capacity of the solar panels, cost, and energy distribution setup. After gathering this data, you can either visit a bank branch directly or contact a solar company agent. Solar loans typically last between four to five years. To apply for a loan, you need documents such as sufficient space, a bank account, identification proof, and income details. Before applying, you can check your eligibility through the bank’s website or the provided phone number.
Having a bank account is essential for a solar panel loan. Based on this account, you will be issued a debit card, and many private and government banks offer loans based on the card's eligibility. If your account is under the Prime Minister Jan Dhan Yojana, you can still apply for a solar energy plant loan.
For residential solar panels, the cost generally ranges from 30,000 to 300,000 rupees. The installation cost increases with the panel's capacity. Once the necessary documents are submitted and the loan is approved, up to 80% of the total amount can be covered by the loan, meaning you only need to pay 20% upfront. Under the KUSUM scheme for farmers, only 10% of the total cost is required as an upfront payment, with the rest provided as a bank loan. SBI offers such loans through its corporate, mid-corporate, and SMI branches. The interest rate for these loans ranges from 0.2% to 0.5% above SBI's one-year MCLR. Customers are given a repayment period of up to 15 years. For more details, contact your nearest SBI branch.
When choosing a solar company, it's important to select a reliable one. Many companies operate in the open market, providing services related to solar panel installation and bank loans. It's essential to be technically and mentally prepared for the process, and the solar company can assist you in this. While there are cheaper options available, it's crucial to verify the reliability of the chosen solar company before proceeding. In the solar energy sector, Genes is a trusted company that has been actively working in the residential, industrial, and agricultural sectors for solar panel installation and maintenance.
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