Installing a rooftop solar system can help reduce electricity expenses and increase the use of clean energy, but the initial investment may be a concern for some homeowners. Shree Solar Tech helps make the transition easier by guiding residential customers through suitable solar financing options and repayment plans.
Depending on eligibility, customers may explore solar loan and EMI-based financing options offered by banks and financial institutions. Our team can assist you in understanding the available financing process, required documents, applicable terms and government subsidy-related requirements before you proceed with your rooftop solar installation.
Whether you are planning a solar system for an independent house or a residential housing society, our objective is to make the solar installation journey simple, transparent and convenient from consultation through installation.
Residential solar financing can help eligible customers manage the initial cost of a rooftop solar project through structured repayment options. Depending on the lender and applicable scheme, some of the commonly available benefits may include:
Financing for Systems <= 3 KW:
PSU
| Loan Amt (Rs. Lakhs) | Down Payment | Interest p.a | Tenure (yrs) | Geographies |
|---|---|---|---|---|
| <= 2 | 5-10% | 6.00% | Up to 10 | Pan India |
PSU
| Loan Amt (Rs. Lakhs) | Down Payment | Interest p.a | Tenure (yrs) | Geographies |
|---|---|---|---|---|
| >= 2 | 20% | Banks 7.85% - 11.6%, NBFCs 8.99% - 9.2% (Flat) | Up to 10 | Pan India |
| Financing Partner | Loan Amount in Cr | Down Payment or Security Deposit | Collateral Needed | Interest p.a. | Tenure in Years | Geographies |
|---|---|---|---|---|---|---|
| SBI Surya Shakti | Up to 10 | DP 20% | Nil | 8.80% onwards | Up to 10 | Pan India |
| Axis Bank | Up to 5 | DP 25% | Nil up to INR 0.75 cr | 9.90% to 10.9% | Up to 7 | Pan India |
| Yes Bank | Up to 30 | DP 25% to 30% | Nil up to INR 0.75 cr for existing customers | 10% to 13% | Up to 6 | Pan India |
| Ecofy | Up to 2.5 | SD 20% to 25% FD | Nil | 7.25% to 8.99% | Up to 5 | Select locations |
| Credit Fair | Up to 2 | DP 20% to 25% | Nil | 8.25% to 9.20% flat | Up to 5 | Pan India |
| EFL | Up to 2 | SD 25% FD int-bearing | Nil up to INR 1 cr | 9% to 11% | Up to 5 | Select locations |
| Ugro | Up to 2 | DP 15% to 20% | Nil | 13% | Up to 7 | Select locations |
| Profectus | Up to 5 | DP 20% to 25% | Nil | 12.5% to 14% | Up to 5 | Tier 1 cities |
| SBI RE Scheme | No limit | DP 25% to 30% | Case to case basis | 9.50% to 10.50% | Up to 15 | Pan India |
| Union Bank | Up to 16 | DP 15% to 20% | Nil | 9.15% onwards | Up to 10 | Pan India |
| SIDBI 4E | Up to 7.5 | SD Min 25% FD | Nil | 8.50% to 9.15% | Up to 5 | Pan India |
| SIDBI Green Finance | Up to 20 | DP Min 20% | Case to case basis | 8.50% to 10% | Up to 10 | Pan India |
| Bank of Baroda | Up to 30 | DP 20% onwards | Nil up to INR 5 cr | 8.70% to 10% | Up to 10 | Pan India |
| HDFC | No limit | DP 25% onwards | Case to case basis | 10.40% to 10.90% | Up to 5 | Pan India |
| ICICI | Up to 0.9 | DP 25% | Nil | 11% | Up to 5 | Pan India |
| ICICI | More than 0.5 | DP 20% | Up to 60% | 9% to 12% | Up to 20 | Pan India |
Cooperative housing societies and residential communities can also evaluate suitable financing arrangements for rooftop solar projects. A solar installation can support common-area electricity requirements and help societies manage their long-term energy expenses.
Financing requirements for a housing society can differ from an individual residential installation. Project size, documentation, applicant profile and lender policies may influence the available financing structure.
Under a CAPEX model, the customer owns the solar power system after installation. The project cost is generally paid by the customer either directly or through a suitable financing arrangement such as a solar loan.
CAPEX financing may be suitable for customers who want ownership of their rooftop solar system and wish to manage the project cost through structured EMI repayments, subject to lender approval and applicable terms.
| Bank / Lender | Loan Amount (Rs. Lakhs) | Down Payment | Interest p.a. | Tenure (Years) | Geographies |
|---|---|---|---|---|---|
| SBI | <= 100 | 20% | 8.65% onwards | <= 10 | Pan India |
| Bank of India | <= 100 | 10% | 11.75% | <= 10 | Pan India |
| Credit Fair | <= 50 | SD/BG 20% | 8.25% - 9.2% (Flat) | <= 5 | Pan India |
Note: Loan amount, interest rate, down payment, tenure and eligibility may vary based on the lender's prevailing terms, customer profile and applicable financing scheme.
Under an OPEX or Power Purchase Agreement model, the solar system may be financed and operated by a third party, depending on the agreement. Instead of making the complete project investment upfront, the customer may pay for the solar electricity generated according to the agreed commercial terms.
Availability of OPEX or PPA arrangements depends on project size, location, customer requirements, financial assessment and the participating service provider. Customers should review the agreement, tenure, tariff and responsibilities carefully before entering into such an arrangement.
| Investor | Loan Amt (Rs. Lakhs) | Security Deposit / Bank Guarantee | Tenure (yrs) | Geographies |
|---|---|---|---|---|
| Sustvest Capital | <= 1500 | BG 20% | <= 15 | Pan India |
| Greenlance Energy | <= 500 | SD 20 - 25% OR BG 20% | <= 15 | Maharashtra |
The solar financing process generally involves a few straightforward steps. Shree Solar Tech can assist customers with the solar project information required for the financing process.
The exact documents required can vary depending on the lender, applicant profile and financing product. Commonly requested documents may include:
Once the financing application has been approved and the required formalities are completed, the financing amount may be disbursed according to the lender's process and project requirements. Solar installation can then proceed according to the agreed project schedule.
Shree Solar Tech helps residential customers understand their rooftop solar requirements and the installation process. As an experienced solar solution provider in Pune, our team assists customers with system selection, project planning, installation and guidance related to available financing and government subsidy processes.
If you are planning to install a rooftop solar system for your home in Pune, Shree Solar Tech can help you understand the system requirements, installation process and available financing possibilities. Contact our team to discuss your residential solar project and take the next step towards clean and efficient energy.