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The increasing utility and importance of solar energy are driving its rapid expansion. As a result, solar plants are now reaching beyond industrial areas and extending to rural regions. Solar energy is playing a crucial role in reducing the limited availability of electricity production and distribution irregularities. Both government and private sectors are making significant efforts regarding the installation of solar panels, solar plants, and energy distribution plans. To promote solar energy and bring solar plants to every household, affordable financing options are being developed, ranging from material procurement to easy solar panel loans. These initiatives not only help avoid upfront payments for setting up solar plants but also simplify the process of obtaining bank loans for solar projects. Both public and private banks are offering loans at lower interest rates.
## Types of Solar Plants
Solar plants are primarily categorized into two groups: residential and commercial or industrial. Residential solar plants typically have capacities between one and ten kilowatts, while those with capacities above ten kilowatts fall under the commercial category. Residential solar plants receive loans through home improvement loans from banks and often benefit from government subsidies. However, commercial solar plants do not qualify for these subsidies.
## Choosing the Right Solar Panels
Before installing a solar plant or solar panels, it's essential to gather basic information. You can contact private solar companies or use government toll-free numbers for guidance. This information should include suitable locations for solar plants, the required power capacity of the panels, costs, and energy distribution plans. After gathering this information, you can either visit a bank branch directly or contact a solar company agent. Loans for solar energy usually span four to five years. To apply for a loan, you need sufficient space, a bank account, identification documents, income details, and other necessary paperwork. Before applying for a solar plant loan, check your eligibility with the relevant bank via their website or provided phone number.
## Solar Loans for Debit Card Holders and PM Jan Dhan Yojana Participants
A critical requirement for obtaining a solar panel loan is having an account with any bank, which also issues a debit card. Many private and government banks offer loans based on the eligibility of this debit card. On the other hand, if your account is part of the Prime Minister’s Jan Dhan Yojana, you can still apply for a solar energy loan.
## 75 to 80 Percent Loan Coverage
The cost of installing solar panels in residential settings generally ranges from 30,000 to 300,000 rupees, depending on the increasing capacity of the system. Necessary documentation must be submitted to the bank, and once approved, you can receive up to 80% of the total cost as a loan. This means you will need to cover 20% of the total cost upfront. Under the Kusum scheme for farmers, only 10% of the total cost needs to be paid because the remaining amount is covered by a bank loan. SBI offers such loans at its corporate account branches, mid-corporate branches, and SMI branches. The interest rate for these loans ranges from SBI's one-year MCLR plus 0.2% to 0.5%. Customers have up to 15 years to repay the loan. For more information, please contact your nearest SBI branch.
## Choose a Reputable Solar Company
In the open market, many companies are involved in solar panel installations. These companies provide detailed information about solar panel installation and bank loans. It's crucial to be fully prepared, both technically and mentally, before installing solar panels. A reliable solar company can assist you with this preparation. While cheaper options may exist in the market, always verify the credibility of the solar company before proceeding. Genus is a trusted company that works extensively across residential, industrial, and agricultural sectors, handling everything from solar panel installations to plant maintenance.
This article provides a comprehensive overview of solar energy and its applications, helping readers understand the benefits and processes involved in adopting solar solutions.