Tata Power Solar And Indian Bank Forge Partnership To Propel Residential Solar Adoption

- Advertisement -

This collaboration aims to facilitate easy access to financing for homeowners, setting the stage for a greener future.

Tata Power Solar Systems Limited (TPSSL) has formed a strategic partnership with Indian Bank, a prominent public sector bank, to enhance the adoption of solar rooftop solutions in residential sectors. This partnership is particularly geared towards supporting the Pradhan Mantri Surya Ghar Muft Bijli Yojana, a government initiative encouraging solar installations.

Under the terms of the partnership, financing options will be made available for residential solar installations, encouraging the adoption of systems up to 3 kW under the Muft Bijli Yojana, with further support extending to systems between 3 kW and 10 kW. Residential customers will benefit from loans up to ₹2 lakh at a favorable interest rate of 7% per annum, along with a minimal down payment of 10% and the advantage of collateral-free financing. These loans are designed to be repaid comfortably over a period of up to 10 years, enhancing accessibility and ease for homeowners.

- Advertisement -

For larger installations ranging from 3 kW to 10 kW, TPSSL and Indian Bank are offering a customized financing plan, where eligible homeowners can secure loans up to ₹6 lakh. This tiered financing option has a margin money requirement of 20% and interest rates between 8.4% and 10.8% per annum, providing competitive and diverse financial solutions to meet different consumer needs.

Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed the company’s dedication to advancing sustainable energy solutions. “This partnership aligns with our mission to promote renewable energy and supports the government’s vision under the PM Surya Ghar Muft Bijli Yojana. We are committed to empowering homeowners to adopt solar energy, facilitating a significant energy transition across the country,” said Nanda.

Shri Vikas Kumar, Chief General Manager of Retail Assets & MSME at Indian Bank, highlighted the initiative’s role in promoting energy goals and social upliftment. “Our collaboration with TPSSL not only furthers the objectives of the PM Surya Ghar initiative but also reinforces our commitment to fostering sustainable energy solutions and economic growth.”

The alliance integrates seamlessly with government efforts to promote residential solar adoption, making sustainable energy solutions more accessible and affordable for a wider range of households. TPSSL, with its extensive experience and a strong solar rooftop portfolio, continues to lead in the renewable energy sector, demonstrating a profound commitment to customer satisfaction and energy innovation.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

NVIDIA Record $26B Q1 Revenue, Announces Stock Split And Dividend Hike

0
The quarterly cash dividend has been raised by 150%, resulting in $0.01 per share on a post-split basis. NVIDIA reported first-quarter revenue for the period...

“AIC-T-Hub Aims To Grow Startups So More Indian Unicorns Can Contribute To The GDP”

0
T-Hub has collaborated with Atal Incubation Centre (AIC), initiated by the Atal Innovation Mission to incubate semiconductor startups, fostering innovation for India’s advancement in...

Pros And Cons: Boult’s Varun Gupta On Contract Electronics Manufacturing

0
While contract electronics manufacturing is not a new concept in India, it has lately picked up a pace never seen before. But what has...

Buzz

NVIDIA Record $26B Q1 Revenue, Announces Stock Split And Dividend Hike

0
The quarterly cash dividend has been raised by 150%, resulting in $0.01 per share on a post-split basis. NVIDIA reported first-quarter revenue for the period...

ASUS IoT And BRESSNER Technology Launch CTOS

0
The collaborative approach seamlessly integrates advanced features across CTOS solutions, fostering synergy. ASUS IoT has recently unveiled a strategic collaboration with BRESSNER Technology, aiming to...

Samsung Appoints Veteran Amid AI Chip Challenges

0
This shake-up, effective immediately, sees Young Hyun Jun transitioning from his role in future business planning to tackle the booming demand for high-end AI...

Important Sectors

Renault Kwid, Maruti eVX: 15 Upcoming EVs Under ₹10 Million (1 Crore) In India

0
Should you wait or buy an electric car from the existing options in India? Well, that’s a question only you should answer! However, if...

Commercial EV Finance: Empowering Younger Companies To Drive Growth

0
While electric three-wheelers have emerged as the face of EV adoption in India, startups engaged in their retail need increased access to finance for...

Samsung Appoints Veteran Amid AI Chip Challenges

0
This shake-up, effective immediately, sees Young Hyun Jun transitioning from his role in future business planning to tackle the booming demand for high-end AI...

Imec-Led European Labs To Get $2.7B From Chips Act Funding

0
Europe's chip revolution gains momentum with a €2.5 billion investment in cutting-edge pilot production line for sub-2nm technologies, aiming to elevate domestic production and...

Progress And Challenges In Autonomous Commuting

0
Despite over a decade of technological advancements and testing in cities like Phoenix and San Francisco, robotaxis still faces significant hurdles.  Companies like Waymo, Cruise,...

Manufacturing

Imec-Led European Labs To Get $2.7B From Chips Act Funding

0
Europe's chip revolution gains momentum with a €2.5 billion investment in cutting-edge pilot production line for sub-2nm technologies, aiming to elevate domestic production and...

EVR Motors Discusses Tech Sharing With Indian OEMs

0
The Israel-based EVR Motors designs Radial Flux Permanent Magnet (RFPM) motors and licenses this technology for manufacturing by OEMs and component makers. EVR Motors, an...

Automotive Electronics Industry Growth Prospects And Strategies

0
From electric vehicles (EVs) to autonomous vehicles, discover the challenges, key players, and market segments driving a $136 billion industry revolutionising vehicles and the...
Siemens and CSA

Siemens To Sell Innomotics To KPS For $3.8B

0
Siemens chief financial officer Ralf Thomas expressed his pleasure at the significant progress made in optimizing their portfolio through the sale of Innomotics to...
Siemens and CSA

Siemens Limited Announces ₹1000 Crore Capex

0
In a statement, Siemens announced that it is expanding its factory operations in Goa to address the rapidly growing demand for essential industry components. Siemens...