The utility and importance of solar energy are rapidly increasing, which is why solar plants have expanded beyond industrial areas and reached residential neighborhoods. Solar energy plays a crucial role in reducing limited power generation resources and irregular 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 make solar plants accessible to every home, arrangements are being made for affordable materials and easy solar panel loans. These schemes help avoid upfront payments and simplify the loan process for solar installations. Private and government banks are offering loans at lower 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 into the residential category, while those with more than 10 kilowatts are considered commercial. For residential solar plants, banks offer home improvement loans, and the government provides subsidies. However, commercial solar plants do not qualify for subsidies.
Choosing the right solar panel is essential. First, you should gather basic information by contacting private solar companies like Genes or calling government toll-free numbers. This information includes the suitable location for the plant, the required power capacity of the solar panels, cost, and energy distribution setup. After that, you can either visit a bank branch directly or contact a solar company agent. Solar loans typically last four to five years. To apply, you need documents such as sufficient space, a bank account, ID proof, and income details. Before applying, you can check your eligibility through the bank’s website or the provided phone number.
Having a debit card is essential for a solar panel loan. Banks issue a debit card based on your bank account, and many private and government banks provide loans based on this card's eligibility. If your account is under the Prime Minister Jan Dhan Yojana, you can also apply for a solar energy plant loan.
For residential solar panels, the cost usually ranges from 30,000 to 300,000 rupees, depending on the 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 pay 20% upfront. Under the KUSUM scheme for farmers, they only need to pay 10% of the total cost, as the rest is provided as a bank loan. SBI offers these loans through its corporate, mid-corporate, and SMI branches, with interest rates ranging from 0.2% to 0.5% above the 1-year MCLR. The repayment period can extend up to 15 years. For more information, contact your nearest SBI branch.
It is important to choose a reliable solar company. There are many companies in the market offering services related to solar panel installation and loans. These companies assist customers in preparing technically and mentally for the installation. While cheaper options may be available, it is essential to verify the credibility of the company before proceeding. Genes is a trusted company that operates extensively in the solar energy sector, providing solutions for domestic, industrial, and agricultural use, including installation and maintenance of solar plants.
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