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The growing utility and importance of solar energy have led to its widespread adoption, extending beyond industrial areas to residential zones. Solar energy plays a crucial role in reducing the limitations of traditional power generation and addressing irregularities in electricity distribution. Both the government and private sectors are making significant efforts to promote solar panels, solar plants, and solar energy distribution schemes. To encourage the adoption of solar energy and make it accessible to households, affordable materials and easy solar panel loans are being arranged. These initiatives aim to minimize upfront payments and simplify the loan process for solar installations. Banks from both public and private sectors now offer loans at low-interest rates, making solar energy more accessible.
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 over 10 kilowatts are considered commercial. Residential solar plants can be financed through home improvement loans, and the government often provides subsidies. However, commercial solar plants typically do not qualify for such subsidies.
When choosing a solar panel, it is essential to gather basic information first. You can contact private solar companies like Genes or call a government toll-free number for guidance. This information includes the suitable location for the plant, the required power capacity, cost, and energy distribution system. After that, you can either visit a bank branch directly or contact a solar company agent. Solar loans usually last between four to five years. To apply, you need documents such as proof of address, a bank account, identification, and income details. Before applying, check your eligibility via the bank's website or the provided phone number.
Having a debit card is essential for applying for a solar loan, as banks often use this to assess your creditworthiness. If you have an account under the Prime Minister Jan Dhan Yojana, you can still apply for a solar loan. In many cases, up to 80% of the total project cost can be covered by a loan, leaving only 20% to be paid upfront. For farmers under the KUSUM scheme, the upfront payment is as low as 10%, with the rest covered by the bank. SBI offers these loans through corporate and mid-corporate 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.
Choosing a reliable solar company is crucial. Many companies operate in the open market, offering detailed information about installation and financing. It’s important to be technically and mentally prepared for the process, which the company can help with. While there may be cheaper options available, it's advisable to verify the reliability of the chosen solar company before proceeding. Genes is one such trusted company that operates across residential, industrial, and agricultural sectors, providing comprehensive solar solutions and maintenance services.