Financing

Financing for solar rooftop is available through all Public Sector Banks for residential category of consumer as a part of the Home Loan/Home Improvement Loan. Public Sector banks who have given commitment to MNRE to provide financing for the installation of rooftop solar PV projects are mentioned below.

Low cost financing for large solar rooftop systems

  • State Bank of India
  • CANARA bank
  • DENA bank
  • Punjab National Bank
  • Syndicate bank
  • Bank of India
  • Allahabad Bank
  • Indian Bank
  • Central Bank of India
  • Indian Overseas Bank
  • State bank of Bikaner and Jaipur
  • Bhartiya Mahila Bank
IREDA LOW-COST LOAN SCHEME FOR GRID-CONNECTED ROOFTOP SOLAR PV PROJECTS
In July 2015, IREDA launched a low-cost loan scheme for grid-connected rooftop solar power projects (details below), targeted at commercial, industrial, and institutional consumers.
Loan Interest Rate p.a. 9.90%–10.75%
Loan Tenor 9 years (+ 12 months Moratorium)
Minimum eligible project size (including aggregated roofs) Quantum of loan 1 MW (min. Size of sub-project  20 kW) 70%–75% of project cost
(More information on following web link: http://www.ireda.gov.in/writereaddata/solar-pv.pdf)

Other information

  • In a notification on April 23, 2015, RBI included renewable energy in the Priority Sector Lending category. This is a huge opportunity for influx of project debt for the rooftop solar market. Under this, residential rooftop solar power projects are eligible to get loans up to `10 lakh.