"Explore solar loans with low interest rates, flexible EMIs, and benefits like subsidies. Go green and save on energy costs today! Apply solar rooftop loans now."
Published: 6 January 2025
Updated: 6 January 2025
It feels so great imagining the energy from the sun lighting up your house or even your business. Solar energy is more than a passing trend; it is the future and sustainable solution to the growing global energy crisis. It might be pretty expensive for installation, but in the long run, it is quite a good investment. Installation costs are dropping, so the accessibility of solar energy has become the best option. It is an intelligent way to cut back on electricity bills while contributing to a cleaner and greener planet.
Solar loans bridge this gap. From relaxed repayment options to low interest rates, using renewable energy has become practical and accessible to everyone. Be a homeowner who wants to decrease his electricity bill or be a business trying to reach your sustainability goals, a solar rooftop loan may be the ticket for a greener future for you.
A solar loan is specifically meant to fund the installation of solar panels. Compared to a traditional loan, specialized benefits of solar panel financing are in the form of competitive interest rates, extended repayment tenures, and subsidy eligibility.
When you take a solar loan, you borrow the money needed to fit the solar panels and pay it back in monthly instalments that are a fraction of the principal amount. This does away with the high upfront cost but ensures that you fully own the solar panel.
Green finance options such as solar loans make solar energy accessible and enable more people to take charge of their energy needs while being environmentally friendly.
If you are wondering whether solar panel loans are the right choice for you, here is how they work:
Flexible solar panel financing lets you invest in renewable energy without exerting a financial burden, thereby making it a feasible option for all kinds of families, businesses, and even industries.
One of the most significant benefits of solar loans is their more competitive interest rates. The interest rate for solar loans varies between 8% and 15% depending on the lender, making them cheaper than other loans.
Some Factors That Influence the Rate of Solar Loans
Solar loan interest rates of different providers should be compared before finalizing the loan. Slight differences in the rate will greatly affect saving over the loan term.
Monthly payment is the most crucial step in making a suitable financing plan. EMI calculators, be it the solar panel financing EMI calculator or the solar panel EMI calculator, will let you understand your monthly spending, keeping in mind the loan amount, interest rate, and tenure.
How EMI Calculators work:
Fill in the loan amount; for example, for 5 kW systems, one can put the loan amount as ₹4,00,000
Put the solar loan interest rate, for example, 10%.
Specify the tenure for repayment, say 10 years.
Your EMI for the month will be ₹5,280.
Thus, using an EMI calculator ensures that your financial planning is proper and the budget aligns with the goals of saving energy.
If you choose to have a solar rooftop, the loans in the scheme have especially been designed to match your needs, including-
Solar rooftop loans are becoming popular and helping house owners adopt renewable energy. This is due to an increased demand for solar energy.
Switching to solar energy is no longer a luxury but a necessity. With the increasing electricity prices and growing environmental concerns, taking up renewable energy has become the need of the hour. Here is why solar finance is revolutionizing the way people think about energy:
With the help of solar EMI calculators, this transition to solar power would be effortless and cost-free.
With numerous lenders offering solar rooftop loans, finding the right one can be overwhelming. Here are a few tips to simplify things.
The right choice will ensure your investment in solar energy is both a financially and environmentally rewarding one.
Solar energy has never been so economical and easy to opt for. With flexible loan options, low interest on loans, and easy EMI calculation, everyone can now afford renewable power. It is not true that switching to solar power comes with high initial costs. A solar loan lets you have a pollution-free home or commercial space by significantly reducing energy costs.
Begin your journey with the sun today. Understand all your financing options and calculate your EMI. Let the sunshine brighten your clean, green future with a solar rooftop loan. With sustainable financing solutions, you are not just investing in energy savings but also contributing to a cleaner, greener planet.
Ready to switch? Take the first step towards sustainability and start your solar journey today.
Q1. Do I need to give security against my solar loan?
Ans - Most of the solar panel loans are unsecured. Thus, you don't need to give security against that. However, the interest rate may be less if the loan is secured.
Q2. Can I have a subsidy if I install my solar with a loan?
Ans - Yes, most solar loan products make you eligible for subsidies. Hence, installation costs will be reduced considerably.
Q3. What is the interest rate for a solar loan?
Ans - The solar loan interest rate is usually 8-15%, depending on your lender and credit profile.
Q4. What's the difference between a solar loan and a solar lease?
Ans - solar loan allows you to own the panels, which means long-term savings, as opposed to a solar lease, where you pay rent on the system from a supplier.
Q5. Do I have to provide a personal guarantee on a solar loan?
Ans - It depends on the lender, but often, a personal guarantee may be required for some significantly higher loans, though it's not a requirement.
Also read: Top 10 Banks & NBFCs for Low-Interest Personal Loans in India
