- The partnership provides the option to finance the cost of solar installation for residential or commercial applications
- The aim is to enable customers to switch to clean energy with ease and affordability
Leading electronics and electrical manufacturer based in India, V-Guard Industries Ltd recently signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to provide financing options to customers looking to install V-Guard’s solar rooftop power system. As per the deal, ESAF Bank will provide various financing options, including loans and instalment payment plans. It must be noted that consumers can opt to finance up to 80 per cent of the total cost of the rooftop solar power system, including the cost of installation for residential or commercial applications.
The partners hope that the initiative will reduce the burden on customers to make an upfront payment and enable them to generate their own electricity, thereby reducing their dependence on the grid.
V-Guard MD, Mr Mithun Chittilappilly stated: “We are excited to partner with ESAF Bank, which shares our vision of making clean energy accessible and affordable to all. With the increased focus on sustainability and the need for cost-effective solutions, Rooftop Solar Power Systems have become an attractive option for consumers. This collaboration will help us reach more customers, who can benefit from our high-quality solar products and ESAF Bank’s affordable financing options.”
Identifying V-Guard as a company that has been at the forefront of innovation and sustainability, Executive VP-Business at ESAF SFB, Mr Hari Velloor expressed delight at the collaboration. He remarked, “This partnership will enable us to provide financing options to customers looking to switch to clean energy and contribute to a greener tomorrow. At ESAF Bank, we believe that sustainable development is key to building a better future, and this collaboration is a step towards achieving that goal.”
Claiming that a 1 KW plant can generate 4-5 units of electricity on a sunny day, V-Guard noted that its rooftop solar systems come with up to 40 per cent subsidy from the Ministry of New and Renewable Energy (MNRE).
ESAF Small Finance Bank (ESAF SFB) started its journey as an NGO during the year 1992, with a larger vision of the sustainable and holistic transformation of the poor and the marginalized. After receiving the license from RBI, the bank continues to focus on expanding the banking horizon to new unbanked/underbanked areas. It also has a presence in urban, semi-urban, and rural unbanked areas.
Founded in 1977 by Mr Kochouseph Chittilapilly to manufacture and market Voltage stabilizers, V-Guard Industries Limited is India’s leading consumer electrical and electronics major based in Kochi. The company has diversified into a multi-product company with a portfolio including Voltage stabilizers, Inverter & Inverter Batteries, Electric Water Heaters, Solar Water Heaters, Pumps & Motors, Domestic Switchgears, Wires & Cables, Fans, Modular Switches, Air Coolers and Kitchen Appliances.