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Ministry of Finance has advised banks to encourage the Home Loan / Home improvement loan seekers to install Rooftop Solar PVs and include the cost of such equipment in their Housing Loan proposals. RBI too has included renewable energy under the priority lending category thereby easing the process. Customers planning to install rooftop PV systems for their new homes can approach nationalized banks and avail loans of up to 10 lakhs.
If you already own a home, then you can take a home improvement loan for installing solar rooftop system. A home improvement loan fetches you a tax benefit on the interest component, that is, you can avail a deduction of up to Rs. 30,000 per annum (under section 24) for the interest that you pay on these loans.
A solar loan is an agreement with a financial institution to pay back the cost of your rooftop solar system in monthly payments over time. As per the Ministry of Finance the customers can opt for solar loan for your Residence,
industries and commercial building. Having taken this loan you can avail tax benefits for the interest paid.
We are tied up finance companies to help our customer get loan up to 80% of the project value. Vivid Power provides collateral free financing for our Residential, Commercial and Industrial customers. As per the survey Vivid Power has community of 40,500+ customers across different
sectors and has created 10,367+ tonnes of carbon emission savings during Nov 2024.