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A Complete Guide to Solar Loans for Homes and Businesses by Freyr Energy
With the world moving towards greener sources of energy, solar power seems to be the first choice for many. Though easily available, it still involves an initial setup cost.
Solar loans are a saviour as they reduce the initial investment significantly. At Freyr Energy, we make your switch to solar simple, affordable and hassle-free. While solar power offers incredible savings and sustainability, the upfront cost often worries many homeowners and businesses.
That’s where Freyr Energy steps in — with our flexible solar loan options, partnered with leading banks and NBFCs, we help you go solar without financial stress.
What is a solar loan?
A solar loan is a financing solution offered by Freyr Energy in collaboration with banks and NBFCs. It enables individuals and industries to adopt solar without the financial burden. The availability of solar loans makes solar energy more affordable, as repayment can be made in installments over time.
Solar loans are made available at varying interest rates and flexible tenures. It is important for customers to compare and analyze these factors while choosing a lender.
Features and Benefits of Solar Loans
100% Finance Options
Go solar now, pay later with 100% finance option
EMIs starting from ₹1,466
Own your solar system with easy EMIs & flexible payment tenures ranging from 6-120 months
Instant Loan Approvals
Get quick loan approvals with minimal documentation
Easy Accessibility
Since loans reduce the upfront costs, solar installations have become accessible to many homeowners. This way, they can save on their power bills
Freyr Energy Solar Calculator
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System Size
3 kW
Annual Savings
₹ 30,000
Annually Generated Energy
4,286 Units
Space Required
238 Sqft
Price (Excluding Subsidy & GST)
₹ 1,99,138
Subsidy + Freyr Energy Discount
Project Cost
₹ 99,138
Down payment
₹ 21,138Loan Amount
₹ 78,000Eligibility for Solar Loans
Basic eligibility criteria
- The applicant should be an Indian citizen
- The applicant should be the owner of the rooftop and have a valid electricity connection
- Applicant's minimum and maximum ages are 21 and 60 years, respectively
- All statutory requirements should be fulfilled and documented
Documents required
- Any identity proof like Aadhaar Card, PAN Card, etc.
- Address proof
- Latest tax returns for income proof
- Proof of ownership of the rooftop
- Electricity bill in the applicant's name
- Bank statement for the past 6 months
Government Solar Scheme in India
PM Surya Ghar: Muft Bijli Yojana
Freyr Energy provides complete assistance in subsidy applications, handling the entire process from documentation to approval, ensuring a smooth and hassle-free experience for customers.
- The Government of India provides subsidies to make solar power accessible to all residential consumers.
- Through subsidies, they reduce the initial cost and thereby, the dependence on huge loans.
- Public sector banks offer loans to residential customers at concessional rates and flexible repayment options.
- Note: Subsidies apply only if the panels are Made in India.
Why Choose Us?
Freyr Energy is your trusted solar partner to make a shift to green energy. We have flexible financing options with 100% finance and easy EMI starting from ₹1,466, making your journey towards solar easier.
We have partnered with leading banks and NBFCs and assure you the best solar loan interest rates and flexible repayment options. We have a pan-India presence and have been helping homes and businesses save money and achieve their sustainability goals for more than a decade now.
FAQs
Have any specific Question ?
Connect with our solar specialists for personalized guidance.
1 What type of loan is best for solar?
Loans with longer repayment durations have lower EMIs and interest rates, whereas it is vice versa for shorter duration loans. Customers can choose loans for solar installation with a duration best suited to them.
2 What is the interest rate for solar finance?
Solar panel financing rates typically range between 4% to 10%, depending on the lender.
3 How to apply for a solar power loan?
Call us at +91 9000 828 333 or fill the enquiry form and our team will guide you on the step by step loan process. Freyr Energy’s loan facilitation team will handle the entire process once the documents are submitted.
4 Am I eligible for subsidy if I take a loan?
Yes, the subsidy is applicable for both finance and non-finance options. Under the PM Surya Ghar Muft Bijli Yojana, the following is the subsidy allowed:
- Up to 2kW systems: INR 30,000 per kW
- For 3kW-10kW systems: INR 78,000
5 What is the processing fee for a rooftop solar loan application?
At Freyr Energy, the processing fee for a solar loan is 2%.
6 How much is the down payment for a solar system?
Down payment is 20% but can vary between 10% and 20%, depending on the project value.