Solar energy is gaining increasing importance and utility, which is why solar plants have now expanded beyond industrial areas to reach residential neighborhoods. Solar energy plays a crucial role in reducing the limited sources of electricity generation and the irregularities in power distribution. Both 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 bring it closer to homes, affordable materials and easy solar panel loans are being made available. These initiatives help people avoid upfront payments and simplify the loan process for solar installations. Banks in both the private and public sectors are offering loans at low interest rates.
There are two main types of solar plants: residential and commercial or 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 such subsidies.
When choosing a solar panel system, it's 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 setup. After that, you can either visit a bank branch directly or contact a solar company agent. Solar energy loans typically last between four to five years. To apply, you need documents such as sufficient space, a bank account, ID proof, and income details. Before applying, check your loan eligibility through the bank’s website or the provided phone number.
It is essential to have a bank account for a solar panel loan, as banks issue a debit card based on this account. Many private and public banks provide loans based on the eligibility of this debit card. Additionally, if your account is under the Prime Minister Jan Dhan Yojana, you can still apply for a solar energy plant loan.
The cost of installing a residential solar panel system 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 financed, requiring only 20% as an upfront payment. Under the KUSUM scheme for farmers, only 10% of the total cost needs to be paid, 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 these loans is typically 0.2% to 0.5% above the 1-year MCLR of SBI. The repayment period can extend up to 15 years. For more information, contact your nearest SBI branch.
When selecting a solar company, it's important to choose a reliable one. There are many companies in the open market that offer services related to solar panel installation and loan assistance. These companies provide detailed information and support to customers. While there are options for cheaper solar panels, it is essential to verify the credibility of the company before proceeding. Genes is a trusted company that operates across domestic, industrial, and agricultural sectors, providing comprehensive solar panel installation and maintenance services.
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