Even while the total rooftop solar capacity installed stands at 6 GW as on June 2020, a lot of potential customers still shy away from owning a solar power generation system. The high upfront cost continues to bother consumers and poses as one of the biggest barriers between them and their desire to switch to a clean and efficient source of energy. Given the Government of India’s targets for raising the total installed solar capacity in India, there are plenty of financial instruments to support the development of utility-scale solar plants. However, no such instruments are available for the rooftop solar customer segment as yet! Most residential homeowners and MSME’s have to rely on their own funds to set up a solar system.
Given the scenario, we at Freyr Energy felt that as a solar service provider we should be able to provide you with the options for financing your solar system. Besides addressing concerns such as the availability of solar loans for homeowners in India, we see this as a means of enabling greater adoption of solar power in the country, thereby helping India to meet its rooftop solar capacity addition targets.
Solar loans enable you to own an asset with a significant financial value over its lifetime and thereby maximize your savings. This includes both the cost of electricity that the panel generates and the tax rebates/ subsidies available on it. With low upfront cost, you can now own your own solar rooftop system easily.
Now, as we mentioned above - to trigger growth in the rooftop solar segment, viable and affordable solar financing options need to be made available. Hence, to solve this problem for our customers, we have tied up with 4 Non-Banking Financing Companies (NBFCs) to offer Solar loans for homeowners and businesses. The solar loans provided by our lending partners are collateral-free. Since our goal is to make transitioning to solar, simple and affordable for you, our intervention will enable fast and quick approval for the loans for solar power plants. We ensure that the savings on your electricity bill will help you pay most of your EMI. An added highlight here is that there is little to no upfront down payment needed for our residential & business customers.
Whether you want to maximize your financial returns or find an easy, go-to solar solution to save money and help the environment, we at Freyr Energy now have financing options that work for your specific requirements! Reach out to us. Go Solar with Freyr!