Orb Energy Signs Agreement with State Bank of India to Partner under SBI Surya Shakti Solar Finance

BANGALORE, India - July 8, 2024 - PRLog -- Orb Energy, a leading solar solutions provider in India since 2006, today signed an agreement with State Bank of India (SBI) to become an approved vendor under SBI's Surya Shakti Solar Finance Scheme.

Under this agreement, SBI will offer solar loans to Orb Energy's residential, commercial, and industrial customers for the installation of rooftop solar systems. For commercial and industrial customers, SBI will provide loans of up to Rs. 10 crores, with a minimum downpayment of 20% and extended tenures. For residential customers, SBI offers loans of up to Rs. 10 lakhs for the installation of solar systems.

Finance is critical to the rapid uptake of rooftop solar systems, and to achieving the government's goal of 100 GW of rooftop solar by 2030. Rooftop solar typically has a 3-4 year payback for commercial and industrial customers, and a 4-5 year payback for residential customers. Solar panels are warrantied for 25 years or more, so after payback customers basically benefit from free electricity. But longer-term, low-cost finance is the key to helping customers manage the up-front costs, so that they can move more quickly to capture these life-time savings from solar

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