payments Solar Financing Guide

Go Solar Without Paying Full Cost Upfront

A 3 kW system typically costs ₹1.5–2 lakh after subsidy. With a bank loan, your monthly EMI can be less than your current electricity bill.

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3 Ways to Finance Your Solar System

You can combine all three — subsidy reduces the cost, loan covers the rest, EMI makes it monthly.

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Government Subsidy

PM Surya Ghar Yojana gives a direct cash benefit credited to your bank account — no repayment needed.

1 kW₹30,000
2 kW₹60,000
3 kW+₹78,000
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Bank Loan

Public sector banks offer dedicated solar rooftop loans at low interest. No collateral needed for loans up to ₹2 lakh.

Interest from7% p.a.
Max tenure10 years
CollateralNone (up to ₹2L)
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Easy EMI

Spread the cost over 5–10 years. Most homeowners find their monthly EMI is lower than what they were paying for electricity.

EMI on ₹1.5L loan~₹1,700/mo
Avg. bill saved₹2,000–4,000/mo
Net savingFrom day 1

Banks Offering Solar Loans

Customers can directly approach any of these banks for a solar rooftop loan. Rates are indicative and subject to change.

Bank Interest Rate Max Loan Max Tenure Collateral
SBI 7% (up to 3 kW) ₹6 lakh 10 years Not required up to ₹2L
Canara Bank 6.90% – 8.90% ₹6 lakh 10 years Not required
Bank of Baroda 8% – 10% ₹6 lakh 7 years Not required up to ₹2L
Punjab National Bank 8% – 9.5% ₹6 lakh 7 years Not required up to ₹2L
Indian Bank 7.5% – 9% ₹6 lakh 7 years Not required up to ₹2L
Central Bank of India 8% – 10% ₹6 lakh 7 years Not required up to ₹2L

* Interest rates are approximate and may vary. Contact your bank branch for confirmed rates. These banks independently offer solar loans —has no banking partnership.

Who Can Get the Subsidy?

  • Indian citizen with residential property ownership
  • Active grid-connected electricity connection from local DISCOM
  • Only domestic / residential consumers eligible
  • One subsidy per household (per electricity meter)
  • Installation must be done through an empanelled vendor

How the Subsidy Reaches You

  1. 1 Register on pmsuryaghar.gov.in with your electricity consumer number
  2. 2 Get a DISCOM feasibility check and approval
  3. 3 System installed by empanelled vendor (us)
  4. 4 Net meter installed by DISCOM; commissioning certificate issued
  5. 5 Subsidy amount credited directly to your bank account within 30–45 days

Common Questions

Can I get both a subsidy and a bank loan? expand_more

Yes. Take the bank loan first to fund installation, then use the subsidy amount (credited after commissioning) to reduce your outstanding principal. Most banks allow this prepayment with zero penalty.

Is any security deposit or collateral needed? expand_more

For loans up to ₹2 lakh under PM Surya Ghar, no collateral is required. The solar equipment itself is hypothecated to the bank. For larger loans, terms vary by bank.

How long does the loan approval take? expand_more

Most public sector banks process solar rooftop loans within 7–15 working days, provided all documents — identity proof, address proof, income proof, and electricity bill — are in order.

Can a tenant apply for the subsidy? expand_more

No. The PM Surya Ghar subsidy requires property ownership. The applicant must own the home where the system is installed. Tenants are not eligible under this scheme.

We Handle the Paperwork — You Enjoy the Savings

From subsidy registration to bank loan assistance, our team guides you through every step at no extra charge.

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