Looking to install a rooftop solar system at your home? Here are some important questions you should ask:
What is the scope of solar energy?
Solar energy is gradually becoming a commonly used source of energy. The extreme effects of global warming have brought a significant change in people’s convection to do better for the safety of Earth. Excessive combustion of fuels has been a common practice to meet energy needs over the last century that harmed nature. With the development in technology and ease to harness clean fuel for energy in the past decade, solar energy has emerged as an extremely viable alternative for producing energy. Rooftop solar has been there for some time now with customers in segments like commercial, industrial, residential, and public sector buildings. With many big industries having already set up solar farms and other small businesses installing solar rooftops, it’s about time that this practice is adopted more extensively.
What are the benefits of solar energy?
Outfitting your home with a rooftop solar system is the first step to a lifetime of sustainable energy. Solar energy offers multiple benefits such as:
• Savings on electricity bills: As solar installations can provide the energy required for many appliances, they’re bound to reduce your electricity bills significantly. And with the increasing requirement, rooftop solar installations are available for a cheaper rate now.
• Long-term energy solution: Solar energy is a long-term solution for harnessing energy. It is a secure investment that will pay for itself through the savings you make over the years of installing it.
• Aids in sustainable living: Solar is the cleanest source of energy that can reduce the carbon footprint rapidly and help sustain development at the same time. It could be your small step towards protecting nature.
• Low maintenance: Rooftop solar systems are self-sustainable. Aside from cleaning and check-ups after long intervals, they hardly require any maintenance that might cost you monetarily.
• Suitable for Indian climate: Rooftop solar systems are extremely suitable for the Indian climate as the days are longer and the climate is generally hot. Sunlight is abundant throughout the year which makes the investment in solar energy worth the money.
Will I need finance to purchase and install a rooftop solar system?
Going solar can cost you a significant amount initially. The purchase and installation can be a bit costly at one go. So, availing a solar loan can help you cover up these expenses easily. For residents or property owners who lack the capital for a cash purchase but want to maximize the financial benefits of their solar energy system, the solar loan offers the perfect solution. A rooftop solar loan comes with flexible repayment options so that you do not have to worry about spending a lot at once.
Where to avail a rooftop solar loan?
Like any other financial product, rooftop solar loans have different structures, terms, and conditions. To find the solar loan that is right for you, you need to analyze your requirements, your repayment capacities and compare the loan details of various banks or NBFCs.
Many different types of financial institutions offer rooftop solar loans, from traditional banks to solar panel manufacturers, but they have different loan criteria. EFL is the only NBFC in India that offers a rooftop solar loan. EFL, after assessing the situation around solar energy and high demand for rooftop solar systems, has stepped up to launch rooftop solar loans not just for businesses, but also standalone bungalows, villas, row houses, residential houses, independent houses, coaching institutes, etc.
Availing a loan from NBFC has a few additional benefits like quick disbursal, collateral-free disbursal, easy repayment options, and minimal documentation.
What are the eligibility criteria to avail EFL Rooftop Solar Loan?
• Minimum 1 year working in an organization
• Minimum salary – 1 lac
• Minimum vantage – 3 years
• Minimum financing amount – 3 lac
• Maximum loan repayment – 4 years
What documentation will be required to apply for EFL Rooftop Solar Loan?
• Latest 3 months’ salary slips
• Joining/confirmation certificate
• Latest ITR and Form 16
• Latest 6 months’ salary account statements – 6 salary credits
• Ownership proof: Latest Property Tax Bill + Paid Receipt
• Latest 6 months’ electricity bills
EFL’s Rooftop Solar Loan is a genuine effort to promote more and more usage of clean energy fuel. Hence, we are providing a collateral-free* solar loan to fund your solar purchase. If all the eligibility criteria for the loan are met, the loan disbursal is done in no time. Personal guarantee of spouse will also be considered. To know more, click here: https://www.efl.co.in/rooftop-solar-loan/