Solar Financing for Businesses and Homeowners | Go Solar

The global solar energy market could hit USD 223.3 billion by 2026. Businesses and homeowners in India now have a better chance to go solar. Fenice Energy helps make this change easy and affordable.

Fenice Energy brings over 20 years of experience in clean energy. It offers solar, backup systems, and EV charging. The company gives various financing options. These include solar loans, cash purchase, refinancing, and solar leases. Such options meet different needs and budgets.

Key Takeaways

• Fenice Energy offers a wide range of solar financing options, including cash purchase, solar loans, cash-out refinance, and solar leases/PPAs.
• The company’s solar financing solutions cater to the diverse needs and budgets of both businesses and homeowners in India.
• Fenice Energy’s experience and partnerships with leading banks and NBFCs ensure competitive interest rates, flexible repayment terms, and access to government incentives.
• Transitioning to solar energy has never been more accessible, with Fenice Energy’s comprehensive clean energy solutions and innovative financing options.
• The global solar energy market is projected to reach INR 16,63,275 crore (USD 223.3 billion) by 2026, highlighting the growing demand and opportunities in the renewable energy sector.

Understand the Different Solar Financing Options

Some homeowners choose to buy their solar systems with cash. This skips the need for loans. Paying cash has strong points. You save on interest and can use all tax benefits.

However, it’s a big cost upfront. The average for a system is around INR 16,00,000. Many can’t afford this all at once.

Solar Loans

Solar loans are offered by banks, finance firms, and lenders. They help pay for adding solar to homes. These loans have different payment plans and interest rates.

If the loan is secured, with your home as collateral, it’s usually cheaper. Unsecured loans, using the solar system as collateral, need better credit scores and might cost more.

Cash-Out Refinance or HELOC

A cash-out refinance or HELOC uses your home’s equity for solar. These let you spread the cost over time. Cash-out refinance changes your mortgage to include the solar cost. HELOC gives you a credit line for solar.

These options often have lower interest rates. But, failing to pay risks losing your home.

Solar Leases or Power Purchase Agreements (PPAs)

Solar leases and PPAs involve paying a solar company monthly. You use the electricity but don’t own the system. The company sells you the power at a rate usually lower than your local utility.

With these, you can get solar with no money upfront. But, you miss out on owning the system and government incentives.

Solar financing for businesses and homeowners: An Affordable Solution

Fenice Energy makes getting solar easy for small to big companies. They provide different financing options for solar systems. The company’s partners help with leasing various solar system parts and even offer installation guarantees. By using these options, companies can lower their energy bills and get more power for their business operations.

Solar Financing Schemes for Businesses

A solar power purchase agreement (PPA) works like this. A solar provider installs a system for a business and then sells the solar power it makes to the business. The price is usually lower than what would be paid to the local utility. This way, the business can save money without a big upfront cost.

With a financial lease, the business doesn’t have to buy the system right away. Instead, they lease it from the solar provider and can choose to buy it later. This option lets businesses save on energy costs from the start, without needing a lot of money upfront.

For an operational lease, the business pays to use the system but doesn’t own it. The solar provider keeps the system in working order. This way, the business can enjoy solar benefits without worrying about maintenance.

Benefits of Solar Loans for Homeowners

Solar loans offer a lot of choices. You can pick from various EMI plans, payback times, and interest rates. Homeowners may choose to pay back in 6 to 84 months. If the loan is combined with a home or renovation loan, this period can stretch up to 20 years. This wide span helps fit the loan into many different budgets.

Flexible Repayment Terms

Interest rates on solar loans in India vary. They usually fall between 8.7% and 14% yearly. A lower interest rate means your solar panels will pay off sooner. With good rates available, it’s easier for homeowners to afford solar energy.

Competitive Interest Rates

The Indian government encourages using solar power at home. It does this by offering schemes like SRISTI and SAUBHAGYA. These provide help for installing solar systems. Plus, the Solar Rooftop Subsidy Yojana gives a subsidy, lowering installation costs. By taking loans and using these offers, homeowners can cut their solar expenses.

Access to Government Incentives

Exploring Solar Financing Options in India

Many top banks and other finance companies in India now offer loans to help people get solar power at home. For instance, there’s SBI’s Solar Roof Top Finance and HDFC’s solar loan. On top of that, IDBI Bank’s Surya Shakti scheme, Canara Bank’s Housing cum Solar Loan, Union Bank of India’s Union Roof Top Solar Scheme (URTS), and ICICI Bank’s unsecured solar loans are available too. These loans often have good interest rates, easy payback plans, and you don’t need too many papers to get them. This setup means homeowners can more easily afford solar power on their roofs.

Government Subsidies and Incentives

The Indian government wants more people to have solar power. So, they offer help like the SRISTI scheme, giving a 20% to 40% off the costs of rooftop solar. The SAUBHAGYA scheme helps with money for rural home solar. Then, there’s the Solar Rooftop Subsidy Yojana, which gives a 30% off in some states and up to 70% off in others. These deals, along with the loans, lower the cost of going solar for a lot of folks.

Conclusion

Fenice Energy is dedicated to helping businesses and homeowners in India move to solar power. They offer many ways to pay, such as solar loans and leases. These options are designed to fit different budgets.

Working with top banks and solar financing firms, Fenice Energy brings the best rates and deals to customers. This includes special government incentives. They make switching to solar easy and cost-effective.

For over 20 years, Fenice Energy has been providing solar, backup systems, and EV chargers. Their goal is to make solar power affordable for everyone. This effort supports the use of sustainable energy in India.