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• Get rid of rising electricity bills!
• Easy EMI option for rooftop solar
• Full cost recovery within 3 years

Rooftop Solar EMI Scheme: Against the backdrop of rising electricity bills in India and overuse of electricity due to climate change, rooftop solar systems are proving to be a sustainable and profitable option for Indian homeowners. Swapnil Wakde, Head of Residential Rooftop Solar Business, EcoFi asserts that the initial high installation cost problem has now been overcome due to easy 'financing' and 'EMI' options, which has led to the rapid growth of solar adoption in the country. (Rooftop Solar EMI Scheme)

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5 to 8 % increase in electricity rates in states every year

India's per capita electricity consumption is growing at 5 per cent per annum, while electricity tariffs in many states are increasing at 5 to 8 per cent per annum. Due to increased consumption, households move into higher tariff slabs, making it difficult to control the monthly budget. A rooftop solar system of the right capacity is a long-term and safe solution to this problem.

Rooftop solar systems are very beneficial

A rooftop solar system is a financially very profitable long-term investment for homeowners. Nowadays, due to technological advances and easy financing, the payback period of solar systems is now only 3 years. With a warranty of up to 25 years for solar modules and 10 years for inverters, once the initial cost is recovered, savings of up to 70 to 80 percent in electricity costs are achieved over the remaining lifetime. Additionally, the 5-year EMI options available from green financiers like EcoFi keep the monthly installments the same or lower than the previous regular electricity bill. As a result, a pointless expense on a monthly bill turns into a permanent income-generating asset to own.

Subsidy from 'PM Surya Ghar Free Electricity Yojana'

Swapnil Wakade further noted, “Earlier the initial investment of Rs 2 to 2.5 lakh was a major challenge in adopting rooftop solar. The central government's 'PM Surya Ghar Free Electricity Yojana' has reduced this cost by providing subsidies. However, with easy financing, now even salaried and middle-class families can easily install solar. Fixed EMIs make it easy for families to accurately estimate their monthly expenses.”

Huge opportunities for future growth

At present, about 45 lakh houses have been installed with solar power through 'PM Surya Ghar Free Electricity Yojana'. While this progress is significant, it is still less than 5 percent of total households in India. This opens up huge opportunities for future growth in this sector.

Interestingly, this expansion of solar is no longer limited to big cities, but the use of EMI-based solar is growing rapidly in Tier II, III cities and rural areas as well. Due to technological maturity, government support and affordable credit, Indian households are rapidly moving towards energy independence.

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