By admin | July 21, 2021
Take advantage of a quick Rooftop Solar PV installation loan..
Till a few years ago, solar energy was for the rare eco-friendly project. Standard electricity was the choice of millions with its low cost and easily availability. However, with increasing power consumption, the cost of power generation inputs and the need to switch from fossil-fuels to renewable sources, those free-wheeling days of low-cost electricity will soon be over.
It’s time to think of making a switch.
The world is deeply hooked on standard electricity. But this situation cannot continue with new power-hungry technologies like bitcoin mining, which Cambridge researchers estimate consume 121.36 terawatt-hours a year! For comparison, India’s total electricity generation (utilities and non utilities) was 1,598 TWh for the financial year 2019-20.
It’s quite simply a matter of economics. In a very short while, standard electricity is going to become very expensive. An average urban flat owner in India, with a 1.5 tonne air-conditioner and the normal complement of fridge, geyser, iron, Smart-TV, washing machine and microwave, has a power bill between Rs. 2,300 and Rs. 5000 per month on average and sometimes higher.
The power bills for businesses are far heftier. From retail showrooms with banks of air-conditioners to small and medium businesses with manufacturing equipment, the cost of commercial standard electricity is starting to become a larger than expected overhead.
Should you invest in Rooftop Solar PV power?
The short answer: it saves you money in the long run. If you look at it from its front-loaded initial cost, you might think it quite expensive. But the upfront investment is amortized over two and a half decades and ensures that you gain steadily from this investment, for longer
–You can earn or cut your power bills on the electricity you generate. 1 kw of installation requires100 sq.ft of area and generates 120 units of electricity in a month.
– Businesses can get 40% accelerated depreciation a year, on fixed assets involved in solar power generation, and can recover investments in 4 years.
– As India gets about 300 days of clear sunlight each year and Solar PV panels have a life of 25 years, you can reduce your total power upto 80% or more for this entire period.
– There are no associated fuel or fluctuating adjustment costs. You can plan your overhead budget better with the solar power generation you get
Gain easy financing for your Rooftop Solar PV installation with EFL.
The investment for a Rooftop Solar PV installation may require partial or complete financing. If you own a large bungalow, row house, industrial/commercial premises or are an MSME with at least 3 years vintage, you can easily obtain Solar Loans with EFL.
Here are a few things you should consider while making your financing decision.
– Installation requires a minimum of 100 sq. ft. unshaded and usable rooftop space per kilowatt of capacity installed
– The cost of installation can range from Rs. 35000 to Rs. 50000 per kilowatt of capacity
– An average of units per month is generated per kilowatt of installed capacity
So, the more electricity units you wish to generate, and therefore gain savings, the more space and financial investment you might need to make.
Here’s where EFL can make the process smooth and easy. With over three decades of experience in financing India’s dreams and business ambitions through MSME Loans, EFL is best suited to helping you with your Rooftop Solar PV power needs.
Through our empanelment with over 500 EPCs including reputed brands, we are able to assist you through all the steps necessary for quicker installation completion. Based on your location and requirement, one of these reputed EPCs will conduct the necessary feasibility, site inspection and guide you on installation capacity. Once the ideal installation configuration has been finalised, EFL puts the financing in place for the most efficient time to completion.
For more details on eligibility or for another kind of financing requirement, click here.