The solar market has observed a rapid growth in the past few decades. Since then, a shift in people’s mindset has made them opt for solar energy more than ever before. The Indian solar power market is expected to grow at a CAGR of more than 40% during the forecast period 2020-2025 and the market conditions in 2021-22 will play a major part in this escalation. Solar energy is becoming inexpensive in comparison to other conventional energy sources due to innovations in the solar sector that have reduced the global average selling prices. Atmanirbhar Bharat mission introduced by the Government of India is playing a major role in empowering the Micro, Small & Medium Enterprises (MSMEs). These expanding businesses will have increasingly heavy electricity requirements and solar rooftops seem like the most feasible option. The government has also provided subsidiaries on the solar rooftop systems along with other incentives.
Solar power is a very reliable source of energy. Businesses can use it to make foundational changes to their energy acquiring methods. With many benefits, solar energy can be very profitable. It is already being commercially used by some big companies and now is turning out to be a viable option for businesses of all magnitude.
1. Affordability: Rooftop solar systems are more affordable now than ever. Many businesses refused to use solar energy because of their perception that the solar systems are very expensive. But in today’s date, solar installations are available at economical prices. It can be considered more of an investment than an expense. A lot of loan options are also available.
2. Return on investment: Installing a solar power source gives a very high return on the investment that you make. It is a long-term solution for various energy requirements. Over time, with the energy provided by these systems and expenses dropping form other bills, it is logical to consider that the energy provided, pay up the cost of installation. Also, it is an unlimited source of energy with no restriction over the usage.
3. Reduction in energy bills: A significant reduction in energy bills can be observed post the installation of rooftop solar systems. Industrial energy bills are usually a huge problem for businesses and tend to alter the budgets. Their prices also keep inflating from time to time which adds to overspending. If solar energy is used as an alternative, then it will definitely reduce these bills by a huge portion by covering up for most of the energy requirements of the business.
4. Eco-friendly business image: Installing rooftop solar systems and using clean energy helps protect the environment. When a business shifts to solar energy, it forms a greener brand image for itself. This will broadly reflect that the business cares for the environment and is taking suitable steps to bring change. It will also be very impressive for the organization’s legacy.
5. Low maintenance: Rooftop solar systems do not need a lot of maintenance. Once they are installed and the cost for them has been paid, all that is left is their maintenance which needs just a bare minimum of time, effort, and expenditure. These maintenances also have a wide time gap between them and are not a regular activity to be stressed upon.
Taking ahead the legacy of serving the MSMEs, EFL had ventured into Rooftop Solar Financing in October 2019. Since then, we have reached out to hundreds of MSME customers, educating them about the benefits of installing a rooftop solar system and how EFL can add value by financing them.
EFL offers rooftop solar loans to SMEs to encourage the use of solar energy. It covers around 75% value of the system or installation. Interest rates are flexible and based on the customer’s profile. EFL rooftop solar loans can be availed within 7 working days and require minimal documentation. To know more, click here: Rooftop Solar Loan