Orb Energy Partners with SBI to Boost Rooftop Solar Financing in India
This collaboration designates Orb Energy as an approved vendor for the scheme, aimed at enhancing financing options for solar power projects across the country.
June 07, 2024. By Abha Rustagi
This collaboration designates Orb Energy as an approved vendor for the scheme, aimed at enhancing financing options for solar power projects across the country.
SBI launched the Surya Shakti Solar Finance Scheme to facilitate easier and more affordable access to solar energy solutions. The scheme will offer loans to Orb Energy's residential, commercial, and industrial customers to support the installation of rooftop solar systems.
Under this agreement, SBI will provide loans of up to INR 10 crores to commercial and industrial customers, with a minimum down payment of 20 percent and extended repayment tenures. For residential customers, the bank will offer loans of up to INR 10 lakhs for the installation of solar systems.
Finance plays a crucial role in accelerating the adoption of rooftop solar systems, essential for achieving the Indian government’s target of 100 GW of rooftop solar capacity by 2030. The payback period for rooftop solar systems typically ranges from 3-4 years for commercial and industrial customers and 4-5 years for residential customers.
With solar panels warrantied for 25 years or more, customers benefit from nearly free electricity after the payback period. However, the key to widespread adoption is the availability of long-term, low-cost financing, enabling customers to manage upfront costs and swiftly transition to solar energy to realize long-term savings.
“Signing with the State Bank of India is a tremendous milestone for Orb Energy and its customers. We look forward to enabling more of our customers to benefit from SBI’s low-cost, innovative financing for rooftops, to supporting SBI’s hugely beneficial ‘Surya Shakti Solar Finance Scheme,’” said Damian Miller, Co-Founder and CEO of Orb Energy.
Orb Energy has installed more than 300 MW of solar capacity and continues to expand rapidly. The new partnership with SBI promises to further accelerate Orb Energy's growth and offer its customers more diverse financing options for their rooftop solar investments.
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