Securing a solar loan for a commercial solar panel system in India involves several steps. Firstly, research financial institutions offering solar loans. Prepare necessary documents like business details, financial records, and project specifics. Then, apply to eligible lenders, ensuring compliance with government schemes or subsidies for solar projects. In recent years India has gained an increase in solar energy. With the increase in solar energy, every individual is considering solar panel. However, the solar panel price can be high for some. Now the question arises, is a solar loan facility available for commercial solar panel? While financing options for commercial solar projects in India may have evolved over time, here are some of the common options that were available previously. In this article, I will discuss the possibility of obtaining a loan for a commercial solar panel by exploring the options available and the benefits they offer.
What are the loan options for solar panel for commercial?
Here are some of the solar loan options for solar panel for commercial use that can be
- Bank loans: Most of the banks in India offer a loan option for solar projects. These loans are given to install rooftop solar panel for commercial projects. The interest rate and ROI terms can be different.
- Solar financing institutes: Solar financing institutes offer loan for unique solar projects that can be given on flexible terms. They focus on the loan for renewable energy.
- Incentives and subsidies: The government offers various solar subsidies and incentives to install solar panel. With these subsidies, the government wants to promote solar energy by installing a maximum number of rooftop solar panel for residential and commercial use. It reduces the initial investment and makes it easier to install.
- Crowdfunding: Crowdfunding focuses on renewable energy that allows an individual to invest in solar panel and reduce their electricity bills.
- Solar leasing: Instead of going for a solar loan, commercial buildings can take leasing agreements. The solar lease amount can be paid monthly. Some solar companies give lease or rental options on monthly installments instead of purchasing it.
What is solar panel price in India?
The solar panel price in India ranges starts from Rs. 1000 which is for a small solar panel. The solar panel price can depend on the requirements of the consumer, and it also depends on factors like capacity, needs, location, and installation etc.
Which is the best solar panel manufacturer company?
Loom Solar is India’s best solar panel manufacturer. It is a solar manufacturing company that manufactures solar panel, solar inverter, and lithium battery. Loom Solar provides various options like easy solar loan and EMIs. They also offer engineer visits to guide you with the best solar panel and solar panel price with installation.
Before going for solar financing you must know the terms and conditions for a solar loan which can be based on the specific location and space for the installation. Additionally, it is advisable to consult the top 10 solar panel manufacturer to guide you with the best knowledge of solar loan and update you with the latest solar subsidy and solar loan incentives by the government.