Clean Power India Rural Solar Power

Published on July 31st, 2014 | by Mridul Chadha

3

Indian Companies Launch Interest-Free Loans For Solar Power Products

July 31st, 2014 by  

India Rural Solar Power

Indian private sector companies are warming up to the idea of rural electrification floated by Prime Minister Narendra Modi. The Indian government has promised 100% electrification of the country by 2019, and solar power would play a critical role in the achievement of this target.

One of the largest manufacturers of solar power and heating products in India, Tata Power Solar, has joined hands with Bajaj Finance to launch an interest-free loan program to help consumers get access to small-scale solar products. Consumers will get interest-free loans on products manufactured by Tata Solar Power that include solar powered CFLs, LED lights, solar water heaters, and solar panels for rooftop installation.

All three products hold immense potential in the rural markets where the power supply is either intermittent or absent altogether. Solar water heaters would find great application in urban areas as well. Several government buildings, hotels and hospitals have installed solar water heaters and many state governments are now considering mandatory use of such systems in all public buildings.

The financing scheme may increase uptake of solar products among otherwise hesitant consumers. While rooftop feed-in tariff schemes have been launched in many states, residential and commercial consumers have not responded positively to them, mainly due to lack of information and the requirement of high upfront investment.

We have ensured that the offer is simple and without any hidden cost. There are a number of people who are hesitant to invest in solar due to the initial upfront cost. We are sure that this offer, with its strong financial incentive, will help people find our products very affordable”, said Gagan Pal, Vice President – Products, Tata Power Solar.

Bajaj Finance would provide instant processing of loans for equipment less than Rs 250,000 ($4,150). The consumers would be required to make a small initial down payment, and the balance amount can be paid through monthly installments (EMI) over 7-10 months.

While off-grid lighting solutions would be attractive for rural consumers, the Dynamo solar power pack would be useful for urban consumers. Residential consumers with smaller roofs can install these systems that are available in the capacity range of 100 to 1,000 W. If feed-in tariff policy is available, consumers can produce revenue through the sale of electricity, which could go towards their EMI repayments.

Image credit: Tata Power Solar 
 
Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.”
 
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.

 

Tags: , , , , , ,


About the Author

currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.



  • Raj

    If anyone require loan on solar power, contact me on 9891431462
    Min: 1Cr
    Max: No Limit

  • jburt56

    Yo investors looking for growth. Yooohoooo!

    • michelleehaskins

      my stepmum just purchased an awesome 6 month old Chevrolet Traverse SUV by working parttime from a laptop… visit homepage >>>>>>>>>>>>>>>>> W­W­W.J­u­m­p­­62.C­o­­­m

Back to Top ↑
  • Advertisements

  • Top Posts & Pages

  • Cool Cleantech Events

    Low Voltage Electrification Event, April 25-27. Detroit, Michigan (US)
    Delve deep into the benefits and challenges associated with EV power supply.

    Offshore Wind Market Development USA, May 11-12, Boston, Massachusetts (US)
    Network and establish your business in one of North America’s largest energy industries.

    Energy Storage USA, June 15-16, San Diego, California (US)
    Only event in the United States focused exclusively on the commercialization of storage.

    More details are on: Cleantech Events.

  • Advertisement

  • CleanTechnica Electric Car Report

    Electric Cars Early Adopters First Followers
  • Tesla Model 3 Review by EVANNEX

    Tesla Model 3 Review from EVANNEX
  • Tesla Model 3 Exclusive Video

    Tesla Model 3 Video
  • Tesla Model 3 Exclusive Pictures

    Tesla Model 3 Video
  • Tesla Model X Review #1 (Video)

    Tesla Model X Review from new owners Zach Shahan
  • Tesla Model X Review #2 (Pictures)

    Tesla Model X Review from Kyle Field
  • Tesla Model S Long-Term Review

    Tesla Model S Long Term Review from Kyle Field
  • Nissan LEAF Long-Term Review

    Nissan LEAF Long Term Review from Cynthia Shahan
  • Interview with Michael Liebreich

    Interview with Michael Liebreich
  • Interview with Akon (Teslas & Solar)

    Interview with Akon Tesla Model S Tesla Model X Solar Power Africa
  • Interview with Dr Nawal Al-Hosany

    Interview with Dr Nawal Al-Hosany
  • Interview with Gro Brundtland

    Gro Brundtland
  • Interview with President of Iceland

    President of Iceland Ólafur Ragnar Grímsson
  • Interview with Nick Sampson

    Faraday Future VP Nick Sampson
  • Interview with Dipal Barua

    Dipal Barua 1st ZFEP WInner
  • Interview with Jonathon Porritt

    Jonathon Porritt
  • Interview with Clint Wilder

    Interview with Clint Wilder
  • Interviews with Solar Impulse Pilots

    Bertrand Piccard Andre Borschberg
  • Check out more CleanTechnica Videos.

  • Join The Solar Revolution!

    Edison-solar-energy solar-energy-spill-nice-day
  • Cost of Solar Panels

    cost-of-solar-down
  • Search the IM Network


Shares