3 things you need to know about solar financing in India.

Switching to solar energy can be a big step for Indian homeowners, but the initial cost often holds many back. According to a survey, the main reason people hesitate to go solar is because it can be expensive upfront. But there's good news! There are ways to finance solar panels that can make it easier for you to make the switch and start saving money on your energy bills.

First, let's talk about buying solar panels with cash. This means you pay for the panels all at once, without taking out a loan. It's great because you don't have to worry about paying interest, and you can take advantage of tax credits and other benefits. But for many people, coming up with the money to buy solar panels outright is tough.

That's where solar loans come in. These work like any other loan—you borrow money from a lender to pay for the panels, then pay it back over time. There are different kinds of solar loans, some where your home is used as collateral and others where it's not. The downside is that you'll have to pay interest, but the good part is you'll own the panels and can get tax credits.

Another option is a cash-out refinance or a Home Equity Line of Credit (HELOC). With these, you borrow against the equity in your home to pay for the solar panels. They can have lower interest rates than other loans, but if you can't pay them back, you could lose your home.

Lastly, there are solar leases and Power Purchase Agreements (PPAs). These are like renting solar panels instead of buying them. You pay a monthly fee to use the panels, and the company that owns them takes care of maintenance. The downside is you don't get tax credits, and you might have to pay fees if you want to end the lease early.

So, which option is best for you? It depends on your budget and how long you plan to stay in your home. If you can afford it, buying solar panels with cash is usually the best choice. But if you need to finance, look at all your options carefully and choose the one that works best for you.

Switching to solar energy is a great way to save money and help the environment. With the right financing option, it's easier than ever to make the switch and start enjoying the benefits of solar power!

You can also switch to solar with solar loan, contact us for consultation and we will guide you through the entire process.