Tata launches Indian finance plan for solar customers


One of India's leading solar power developers has announced the introduction of a scheme designed to make solar PV installations more attractive to the average consumer.

In partnering with Bajaj Finance, Tata Power Solar will provide interest-free loan options for solar products provided the cost of the item in question is below Rs 2.5 lakh, which equates to US$4,000.

The loan option, known as an EMI (equated monthly installment) will be applicable to Tata Power Solar’s products, which include solar panels, solar water heaters and solar lighting products. Rolled out initially in 20 of India’s largest cities, the scheme is designed to make funding a private residential solar PV installation more affordable for the average Indian consumer.

Should the initial roll-out prove successful, Tata will expand the scheme nationally in a move that could seriously augment India’s residential PV sector.

"We have ensured that the offer is simple and without any hidden cost," said Tata Power Solar VP Gagan Pal. "There are a number of people who are hesitant to invest in solar due to the initial upfront cost. We are sure that this offer, with its strong financial incentive, will help people find our products very affordable."

Bajaj Finance Ltd, which will underwrite the loans, added that it has developed credit policies to ensure the customer enjoys hassle-free service. "This life event should be about buying the desired solar device without having to worry about the money," said Bajaj Finance president for consumer finance, Devang Mody.

Tata Power Solar is adamant that such solar installations can help soothe many Indians’ exposure to the power outages that regularly hit the nation's largest cities, while also stripping away the large upfront costs that have deterred millions of residents from adopting solar PV as an energy solution.

Thus far, Tata Power Solar has been a key mover in India's utility scale solar sector, commissioning a series of large-scale solar plants across the country and boasting more than 70 MW of cumulative installed PV capacity nationwide.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.