The use and importance of solar energy are rapidly increasing, which is why solar plants have now expanded beyond industrial areas and reached residential neighborhoods. Solar energy plays a crucial role in reducing limited power generation sources and 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 bring it to every home, affordable materials and easy solar panel loans are being arranged. These initiatives help avoid upfront payments and simplify the loan process for solar installations. Banks from both public and private sectors are offering loans at lower 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 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 of the solar panels, the cost, and the electricity distribution setup. 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, you need documents such as sufficient space, a bank account, an ID proof, and income details. Before applying, you can check your eligibility through the bank’s website or by calling the provided phone number.
For solar panel loans, having a bank account is essential. Based on this account, you may receive a debit card, and many private and public banks offer loans based on the 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 system usually ranges from 30,000 to 300,000 rupees, depending on the capacity. Once all necessary documents are submitted and your 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 cost, as the rest is covered by the bank. SBI offers these loans through its corporate, mid-corporate, and SMI branches, with interest rates ranging from 0.2% to 0.5% above the one-year MCLR. The repayment period is up to 15 years. For more information, contact your nearest SBI branch.
It's important to choose a reliable solar company. Many companies operate in the open market, offering services related to solar panel installation and loans. A trusted company will guide you through the process and ensure you get quality service. While there are cheaper options available, it's essential to verify the reliability of the company before proceeding. Genes is a reputable company that has been working extensively in the solar energy sector, providing solutions for residential, industrial, and agricultural applications, including installation and maintenance.
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