Revolutionizing India with renewable energy loans
What's the story
India is on a roll, a green roll, if you may!
The launch of renewable energy loans marks a key milestone in this journey, providing accessible financial options for individuals and businesses looking to invest in renewable energy sources.
These loans aim to alleviate the upfront cost hurdle, paving the way for a broader audience to participate in building a greener tomorrow.
Solar loans
Solar power financing made easy
Solar energy, the poster child of renewables, is experiencing a surge in popularity across India.
Banks are now offering solar loans ranging from ₹50,000 to ₹10 million, addressing diverse needs from installing rooftop solar panels at homes to establishing large-scale solar farms.
With competitive interest rates and flexible repayment terms, these loans are further incentivizing individuals to switch to solar power.
Wind Loans
Wind energy: Harnessing the breeze
Wind energy projects demand substantial financial commitment, often proving prohibitive for individuals and small businesses.
To address this, Indian banks and non-banking financial companies provide wind energy loans.
These loans finance up to 80% of project costs with repayment terms extending to 15 years, significantly reducing barriers to entry and making such investments more manageable.
Biomass financing
Biomass projects: Turning waste into energy
Biomass projects transform agricultural waste and other organic materials into electricity or gas, providing a sustainable solution for waste management and energy production.
Acknowledging its potential, Indian banks offer biomass project loans that encompass equipment purchase, installation costs, and working capital needs.
With attractive interest rates and tenures reaching up to 12 years, these loans foster the expansion of biomass energy production across the nation.
Hydro loans
Light up lives with small hydro power loans
Small hydro power projects are becoming increasingly popular in rural India as they harness the power of flowing water to generate electricity without causing environmental harm.
To encourage such initiatives, renewable energy loans specifically designed for small hydro power projects are offered.
They cover expenses like feasibility studies, construction costs, and machinery procurement with loan amounts ranging from a few lakhs to several crores based on the project size.
Subsidies support
Green future through government subsidies
The government of India provides strong financial incentives in the form of subsidies for renewable energy projects to support its commitment to achieving national green targets.
These subsidies, when coupled with renewable energy loans from financial institutions, can cover up to 90% of the total project costs.
Applicants enjoy either low-interest rates or direct capital subsidies, dramatically reducing the overall investment needed.