Recently I read the news that Borg Energy has partnered with Shriram City Union Finance and Bajaj Finserv Lending to enable retail customers to purchase a micro solar power plant.
This is an interesting trend in India’s off-grid solar industry.
The tie-up with see Shriram offering customers a maximum of five lakh at an interest of 5.5% per annum for a 12 month EMI (equated monthly installment) scheme and an interest of 5.99% per annum for an 18 month EMI scheme. Bajaj Finserv is offering a maximum loan of Rs 4.5 lakh at an interest rate of 6.5% per annum for a 12 month EMI scheme.
I remember having presented this idea to an upcoming solar module manufacturer in 2011. But the idea was rejected saying that we don’t want to initiate this trend and let others take advantage of our hard work.
Anyway, this new partnership will encourage financing companies to lend to retail customers for solar products just like cars, TVs. ACs, etc
No big revolution expected soon but slowly this may catch on.
Quite in sync with my previous discussion on retail of solar panels: