Investing in renewables is a win-win for all

The most profound thought about the impact of climate change on our lives, perhaps, has come from none other than Barack Obama who said, “We are the first generation to feel the impact of climate change and the last generation that can do something about it”. As citizens of this world, we are all equally responsible to protect and preserve the environment for the posterity. Each one of us can contribute in our own way and reduce the impact of our actions on the planet.

By adopting the creation and use of renewable energy, everyone can play a role in lowering carbon footprint. At an individual level, one can use solar energy to power the home while at a small business level, entrepreneurs can utilise this renewable power option to sustain operations or transportation needs. With government incentives and easy availability of financing options, it is our duty as well as commitment to provide a cleaner environment to our children.

At Capri Global, we have been adopting sustainable practices – not only across our operations, but also in our product offerings where we have ventured in providing Solar Finance as a part of our MSME Loans portfolio – besides creating awareness about the same among our borrowers. While individuals can buy grid connected solar equipment for captive purpose in the form of rooftop or ground mounted units, MSMEs can also seek financing for bigger capacities. Benefits are immediate; green, clean energy, lower power bills, dependable supply and returns from feeding the grid. Given the technological advancements, the efficiency of the equipment available today is much better.

Under the Rooftop Solar/PM Surya Ghar Muft Bijli Yojana, the Government provides subsidies in the range of Rs. 30,000 per kW for up to 2 kW, Rs. 18,000 per kW for additional capacity up to 3 kW and Rs. 78,000 as total subsidy for systems larger than 3 kW. For housing societies, the subsidy is Rs. 18,000 per kW for common facilities, including EV charging up to 500kW capacity at Rs.3 per kW per house.

There are attractive financing options available for adopting solar power, seeking an appropriate loan is a practical choice to spread out the initial cost over a fixed time frame, making it less burdensome on family budget or operational expenses. Experiences of current borrowers show that financing alternatives can create long-term savings, leading to a win-win situation for all – of course, the environment being the biggest.

Let me conclude with an old American proverb that says: "We do not inherit the earth from our ancestors, we borrow it from our children." We owe our children a bright future and adopting renewable energy options like solar and wind in our daily lives is one way of ensuring it and it is our individual and collective responsibility to do the same.

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