Rooftop-Solar-Benefits-and-Solar-Financing_blog_post

Solar sector is extremely dynamic in India right now as India is the fifth biggest power generator on the planet. Exploring the rooftop solar market is crucial for India to meet its massive energy needs. Solar parks need land, and the land is scarce in a densely populated country like India. Rooftops, on the other hand, hold huge potential. Companies that want to make the transition into an eco-friendly energy option can consider investing in a rooftop solar panel setup. Taking the green approach could bring about a wide variety of advantages for businesses.

Why go solar?

  • Save money for other business expenses:

Sunlight is a clean as well as cost-effective source of energy unlike coal-based sources. You can utilize rooftop solar panels to reduce your energy expenses. The money saved can be hence reinvested for business expansion or purchase/update machinery.

  • Save on maintenance expenses:

Besides the reduced energy costs, you can expect lower maintenance. This is due to the lack of moving parts, which are prone to wear and tear, and consequently, high repair or replacement cost. The only maintenance factor for rooftop solar panels is keeping the panels free from dirt as it may obstruct the absorption of sunlight, and subsequently, the generation of electricity.

  • Relatively faster payoff:

It doesn’t typically take a long time to see your commercial rooftop solar investment pay off (approximately 5-6 years). It has a faster value realization.

  • Reduce dependence on costly power sources:

If you are a rural consumer or situated at a remote location, solar is the most economical solution to complete your electricity needs. By using rooftop solar power, you can not only stabilize your existing electricity supply but also reduce your dependence on more expensive sources of power like diesel generators and inverters.

  • Flexibility of utilization:

When many people think of solar power possibilities, they consider interior lighting as the only application. Besides that, solar energy, when converted into heat energy, can be utilized for – hot water usage for bathing and washing, boilers, Pasteurization, condensation and cleaning in milk dairies, drying and tanning in leather process industries, degreasing and phosphating in metal finishing industry, resin emulsification in polymer industry, drying in food, wood, livestock etc., all of which could boost a company’s cost efficiency.

However, the upfront cost of a rooftop solar power system can be sizeable, especially depending on your specific needs. Financing and service have to become an integral part of the solar solution offerings. SMEs can opt for financing solutions to cover up the purchase and installation costs.

For MSMEs, installing a rooftop solar power unit can be a trouble for multiple reasons. Due to credit ratings limit, it is difficult for small entrepreneurs to raise funds from banks. Even though lending institutions like banks have got rooftop specific credit lines and are providing loans at concessional rates and both private sector and nationalized banks have been very forthcoming in providing loans for financing rooftop solar projects, higher interest rates are another challenge for SMEs. Some lending institutions also need collateral even for small loan amounts, which can be a crisis for some SMEs. It is crucial to select a solar financing choice that suits your establishment.

Electronica Finance Ltd. offers a rooftop solar power loan at attractive interest rates to not only manufacturing companies, but also to educational institutions, hospitals, service industries etc. to encourage the use of solar energy. It is the only NBFC which offers a rooftop solar power loan. The loan covers around 75% value of system or installation. For loan amount up to Rs.15 lakhs, it can be availed collateral-free. Interest rates are flexible and based on the customer’s profile. EFL rooftop solar panel loans can be availed within 7 working days and require minimal documentation.

With its almost 3 decades of extensive experience in asset financing, Electronica Finance Limited can help your establishment go solar and save considerable expenses on electricity.

If looking for rooftop solar panels, EFL Connections is an online marketplace that can help you find solar panels at reasonable rates. EFL Connections allows you to connect directly solar panel sellers without any interruptions. With EFL Connections, you can find the rooftop solar panel of your choice, new or used. For more information, head to – EFL Connections

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