Solar Loan- Finance Your Solar Power Plant Without the Financial Burden

Remember seeing our grandparents struggle to save money for their dream house? Or perhaps the perfectly reliable family car. They would collect funds for years to be able to finance their dreams.?

We are pretty lucky in that department. We have financing options-for everything!???

Yes. Even solar power plants.

Solar Finance

Solar installations are expensive. The price of a 5Kw system starts at Rs. 3 lakhs. And this figure will increase as per your choice of brand, location of the building, and the type of solar system you install.??

The price factor becomes a huge hurdle for people who wish to go solar but do not have the capital yet. This is where solar financing comes into the picture.?

Solar financing, allows you to generate the funds for the installation of the solar system. The ideal way of availing of this option is through solar loans. In this system, instead of paying the full amount upfront, you can distribute the expense through EMIs over several years.?

Through the option of solar financing, residential, commercial, or industrial consumers can benefit from a reduction in electricity bills and lower their carbon emissions through this option, without developing any financial constraints.?

Benefits of Solar Loans

1. No Additional Costs - The money you save on electricity bills by going solar, can be used to pay the monthly installments. Moreover, once the loan is paid off, these savings will continue. You can invest this money in lucrative financial schemes such as mutual funds etc.?
2. Fixed Asset Investment - A loan is a liability. But solar loan allows you to invest in a fixed asset that will stay with you for over 25 years.?
3. Reduce Electricity Bills - You will be making your electricity, and thus saving big on bills. Added to that, due to the unpredictability of fossil fuels, power tariffs are constantly rising. Your solar system can act as a buffer against any future power hikes
4. Shift to Green Energy - Going Solar allows you to invest in an energy resource that is limitless, localized, and non-polluting. With a loan, you don’t have to delay your green energy journey.?
5. Set a Good example for your Children - The young generation is learning about climate change in their classrooms. Your investment in a renewable energy resource will serve as a live example and instill a sense of responsibility among your children.?\?

How do Solar Loans work?

These loans are remarkably similar to car/home loans. There is a principal amount, interest rate, monthly installments, and a fixed tenure.?

As to where to get avail of this option, let us help you with that.?

Ornate Solar has recently partnered with HDFC bank to provide residential and commercial consumers an opportunity to generate the capital to finance their solar power systems.?

An application for the funds along with the proposal for your solar plant has to be submitted to us. You will also have to submit some basic documentation such as the electricity bills for the past 6 months with us. HDFC Bank will check your credit score, and eligibility before starting the procedure.

Once the loan is approved, the bank will pay up to 75% of the total cost. 25% of the cost has to be paid as a down payment.?

Based on the maturity period of the loan, an Equated Monthly Instalment (EMI) will be decided. This EMI is inclusive of the amount payable and the interest charged.?

The short tenure of up to 60 months, will ensure that you pay off your loan early and maximize your savings. Moreover, the EMIs are affordable, so you can allocate the amount you used to pay for your electricity bills towards the payments.

To make the entire process simple and stress-free, we have eliminated the tedious task of visiting the bank for approval and sanctions. Ornate Solar will be your one-stop shop for going solar.

The energy landscape is evolving. Sooner or later, we all will have to switch from traditional to renewable sources of energy. A solar loan will undoubtedly reduce the financial burden of this transition!?

For more information, visit Ornate Solar Finance