Tata Power Solar Systems Limited has partnered with the Bank of India to offer easy financing for rooftop solar installations and EV charging stations. Tata Power Solar has become the first solar company to collaborate with BOI for solar and EV charging station financing, supporting the Government’s initiatives to promote rooftop solar installations and make sustainable energy adoption more accessible.
The PM Surya Ghar Yojana offers residential customers loans up to Rs. 2 lakh for solar systems up to 3 KW, with a 5% margin money requirement, at 7.10% per annum, collateral-free, and up to Rs. 6 lakh for installations above 3 KW.
Tata Power Solar Partners with Bank of India for Solar and EV Financing
Mumbai – Tata Power Solar, a leading renewable energy solutions provider, has partnered with the Bank of India (BOI) to enhance financing options for solar energy solutions and electric vehicles (EVs). This strategic collaboration aims to accelerate the adoption of clean energy by offering accessible and affordable financing solutions to individuals, businesses, and industries across India.
Empowering the Clean Energy Transition
The partnership aligns with India’s commitment to sustainability and the government’s ambitious renewable energy targets. By facilitating financing for solar rooftop installations, solar water pumps, and electric vehicles, Tata Power Solar and BOI aim to make green energy more accessible to the masses.
Under this agreement, the Bank of India will provide flexible and low-interest loans for residential, commercial, and industrial consumers looking to install solar power systems. Additionally, it will offer customized financing options for electric vehicle purchases, enabling faster EV adoption in both urban and rural areas.
Bridging the Affordability Gap
High upfront costs have traditionally been a barrier to the widespread adoption of solar energy and electric vehicles. This partnership seeks to address this challenge by ensuring that customers have access to easy credit with competitive interest rates and convenient repayment tenures. With BOI’s extensive banking network and Tata Power Solar’s expertise in renewable energy, consumers will benefit from a seamless financing process.
A spokesperson from Tata Power Solar highlighted the importance of the partnership, stating, “Affordable financing is key to driving the clean energy revolution in India. Our collaboration with the Bank of India will help individuals and businesses transition to solar power and electric mobility with ease, reducing their carbon footprint and electricity costs.”
Boosting Renewable Energy and EV Adoption
The initiative is expected to significantly contribute to India’s renewable energy and electric mobility goals. With increasing policy support for solar power and EVs, demand for green solutions is rising across sectors. Tata Power Solar’s expertise in solar technology, combined with BOI’s financial backing, is poised to drive large-scale adoption of clean energy solutions.
Key benefits of the partnership include:
- Affordable Loans: Lower interest rates and flexible repayment options for solar installations and EV purchases.
- Simplified Loan Process: Streamlined documentation and faster approval to encourage more consumers to switch to green energy.
- Nationwide Accessibility: Leveraging BOI’s extensive branch network to reach urban and rural customers.
- **Sustain
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