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Solar energy is becoming increasingly useful and important, which is why solar plants have now extended beyond industrial areas to residential zones. Solar energy plays a vital role in reducing the limited sources of 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 solar plants to every home, arrangements are being made for affordable materials and easy solar panel loans. These initiatives aim to reduce the need for an upfront payment and simplify the loan process for solar projects. Banks in both the private and public sectors 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 under 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 are not eligible for subsidies.
Choosing the right solar panel is the first step in setting up a solar plant. It’s essential to gather basic information from private solar companies like Genes or by calling a government toll-free number. This information includes the suitable location for the solar plant, the required power capacity, cost, and energy distribution system. After this, you can either visit a bank branch directly or contact a solar company agent. Solar energy loans are typically offered for a period of four to five years. To apply for a loan, you must have documents such as sufficient space, a bank account, identity proof, and income details. Before applying, you can check your eligibility through the bank's website or the provided phone numbers.
Having a debit card is crucial for applying for a solar panel loan. Banks issue a debit card based on your bank account, and many private and public banks provide loans based on your debit card's eligibility. Even if your account is under the Prime Minister Jan Dhan Yojana, you can still apply for a solar energy loan.
The cost of installing a residential solar panel ranges from 30,000 to 300,000 rupees, depending on the capacity. Once the necessary documents are submitted and the loan is approved, you can get up to 80% of the total cost as a loan, meaning you only need to pay 20% upfront. Under the KUSUM scheme for farmers, they only pay 10% of the total amount, as the rest is covered by the bank loan. SBI offers these loans through its corporate, mid-corporate, and SMI branches. The interest rate for such loans ranges from 0.2% to 0.5% above the one-year MCLR. Customers can repay the loan over a period of 15 years. For more details, contact your nearest SBI branch.
When choosing a solar company, it's essential to select a reliable one. Many companies operate in the open market, providing detailed information about solar panel installation and bank loans. It's important to be technically and mentally prepared for the process, and solar companies can assist with that. While there may be cheaper options available, it's crucial to verify the credibility of the company before proceeding. Genes is a trusted company that operates across various sectors, including residential, industrial, and agriculture, offering comprehensive services for solar panel installation and maintenance.