The Ministry of New and Renewable Energy aims to install 227 Gigawatts of solar rooftop energy by March 2022. To speed up the adoption by commercial and industrial users, they are promoting the use of solar power through tax benefits.
To enhance the usage of solar rooftop system, the Indian government is offering accelerated depreciation of fixed assets related to solar power plant. The offered rate of acceleration is at 40%.
This allows commercial and industrial users to depreciate their investment at a much higher rate, than other assets. In return, the user can then claim tax benefits on the depreciated value in a year.
The solar loan interest rates at EFL are flexible and based on customer profile.
The documents required for applying for a solar loan are:
12 months electricity bills
To avail solar financing from EFL, the eligibility criteria is
Processing fees for EFL solar loan range from 1%-1.5%.
For loan amount up to Rs. 50 lakhs, you can get collateral-free solar financing.