Solar Financing: Solar Subsidy in India

Solar Financing: Solar Subsidy in India

By admin | November 24, 2021

With the rising number of gadgets and electrical appliances that we are dependent on, electricity bills costs are going up by the day. But, did you know there is a way to offset these high costs, protect the environment, as well as get additional savings and subsidies. Yes, with a solar rooftop system at your residential property or place of business, you can get generate your own electricity at a minimal cost and reduce your carbon footprint. And now with central government offering MNRE solar rooftop scheme across all states, getting your own unit is very affordable.

Before the subsidy, the average solar rooftop price was around Rs. 60,000 – 70,000. Now, the cost of installing a rooftop PV system has come down to Rs. 40,000-50,000. Let us take a look at a breakdown of subsidies for various capacities.

Type of residence                                                     Subsidy Amount

Individual home (up to 3kW)                                       40% of cost

Individual home (3 to 10 kW)                                      40% up to 3 kW and 20% for additional kW

Housing Societies (up to 500 kW @10 kW/house)    20% of cost

The process of applying for this solar rooftop subsidy is very simple. The document required are a photograph, Aadhar Card, PAN Card and an electricity bill, with a soft copy of identity proof to be uploaded online on DISCOM website.

There are many benefits to opting for a solar PV system. Some of them include:

  • Electricity bill reduced up to 90%
  • 25-year panel warranty
  • 4–5-year expense recovery
  • No maintenance except cleaning panel every 10 days
  • Approximate cost Rs. 40,000-50,000 per kWp

Rs. 1 additional incentive per unit on total solar power generated in electricity bills

Net Metering facility to feed excess power to grid

So, with the reduced solar rooftop price, thanks to the subsidy, now is the perfect time to get your very own solar rooftop PV unit. And, if you are looking for a solar loan, look no further than Electronica Finance Limited. EFL provides rooftop solar loan with up to 75% of installation value for a loan term of up to 4 years at flexible interest rates, with quick documenting and processing. Collateral-free loans can be obtained for amounts up to 50 lakhs.

Get maximum savings on your electricity bills with the subsidy and make your PV solar rooftop unit procurement and installation process easier with EFL.

Electronica Finance
Electronica Finance

We at Electronica Finance are on a mission to simplify the Finance for MSME businesses & to be a Globally Trusted Financial Partner for MSMEs, with a DNA of 'Customer First Approach'.

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