Tata Power Solar offers interest free loan
Tata Power Solar, India's largest integrated solar company, has partnered with Bajaj Finance for offering monthly installment payment plan to solar customers with the aim of making solar a more attractive and affordable option and to reach out to approx. 400 million Indians living without reliable power in the country.
Main highlights on this are as follows:
All Tata Power Solar products including solar lighting products, solar water heaters and solar panels will be covered under this scheme where the loan component will be paid in monthly installments.
The scheme will be introduced first across 200 cities before planning to expanding to other parts of the country.
According to TATA's spokesperson, "Solar products are the need of the hour, given the increasing power shortage India is facing. There are 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 out our products very affordable."
The recent budget has also given some impetus to the solar industry. Some of the tax incentives announced for the solar industry are worth around $83 million for large scale solar project development in five states, $66 million for solar water pumps, and $16.7 million for small solar plans along canals to help with irrigation.
Let's hope the drive to use solar power in every segment of economic activity gets a good boost in the days to come.