#collateral-free solar loans | Explore Tumblr Posts and Blogs

loomsolarblog · 1 year

Text

How to Get Solar Loan for Rooftop Solar System?

The process of installing solar panels on loan has become quite easy and convenient these days. Solar panels are a popular way to save on your electricity bill. Many people want to install solar panels on the roof of their house and many people are not able to bear the huge expense involved in it. But now with a solar loan, installing solar panels has become easier and more affordable than ever.

If you are thinking of installing solar panels at your home or at any other place, then you can also install solar panels on instalments. Nowadays many banks and financial institutions are providing loans to people for installation of solar panels on the roofs of their houses.

List of Banks who provide solar loan.

· Punjab National Bank (PNB)

· HDFC Bank

· Canara Bank

· Bank of Baroda

· IDBI Bank

· Union Bank of India

· Saraswat Bank

· Kotak Bank

· ICICI Bank

· Axis Bank

· State Bank of India (SBI)

Documents required for solar loan.

Identity Proof — Aadhar Card, PAN Card etc.

Electricity bill for last 6 months

Bank statement of last 12 months

Residential or property documents

MSME Certificate (for business)

· File GST return for the current financial year (for business).

How to apply for solar loan?

youtube

The application process for taking a solar loan is quite simple, you can easily apply for a solar loan through the medium mentioned below.

Credit Card and Debit Card EMI

Like any other item, you can buy solar panels with your credit card and get them installed by paying easy EMI.

You can choose the EMI tenure on the credit card as per your convenience and pay the instalment from time to time.

Apart from credit card, you can also install solar on EMI with debit card. Eligible customers are provided with a pre-approved limit to make purchases on Debit Card EMI which you can use as a loan.

You can contact your bank to get information about the pre-approved limit available on your debit card.

Solar Loan from Banks and NBFCs

Solar loan facility is provided by many leading banks and NBFCs for installation of Roof Top Solar System.

This loan is given by the bank for installation of solar system as an individual, SME or business.

You can take a collateral-free solar loan from the bank in which you also get the option to choose a longer loan repayment tenure as per your eligibility.

The maximum repayment tenure offered by many solar finance companies and banks gives you enough time to complete the EMI.

To take a solar loan, you can apply online by visiting the official website of the bank or NBFC or you can contact your nearest branch.

Solar Loan with Home Loan

This loan is given by the bank to such customers who apply for a new home loan.

Apart from this, such customers can also get this loan who are currently taking home loan from the bank.

For example, Canara Bank — Housing cum Solar Loan is one such loan facility in which customers can take loan for solar system along with home loan.

Conclusion

This includes individual home loan borrowers who have sufficient space available to install solar equipment on their rooftop. At the same time, many banks provide solar loan facility in the form of home improvement loan for installation of residential solar system. To know more information about the solar systems and solar loan, it’s important to consult with a professional solar installer who will evaluate your specific needs and recommend the most appropriates for you.

#Youtube

0 notes

megamax-solar · 1 year

Text

Effortless Ways to Obtain a Solar Loan Without Collateral in India

Learn how to easily secure a solar loan without collateral in India. Get expert tips and guidance on hassle-free ways to finance your solar energy project.- https://bit.ly/3UtTZMQ

0 notes

sunnovativesolar445 · 1 year

Text

How to avail solar energy loan for my residential plant?

The Government of India is encouraging the adoption of solar energy by every Indian. To promote convenient adoption and use of solar energy, public sector banks & private banks have been given statutory instruction by the Ministry of Finance to offer loans at reasonable cost as per Government of India & Reserve Bank of India Instructions to Public Sector Unit Banks & Private Banks on financing.

The financing of solar PV projects is typically arranged by the developer or sponsor. It comprises two parts: an equity investment and project financing to cover the debt portion.

Indian Solar Funding Methods

Solar energy is free, however building a MW solar plant costs a lot of money. One of the biggest challenges for those who are interested in MW solar plants is finding alternative financing. It is essential to choose a solar financing option that works for your business. The average price per MW to set up a plant is roughly 6 Crores. Equity makes about 30% of this, with loan funding covering the remaining 70%. Equity is only a colloquial term for capital obtained from your own assets or those of other investors. Debt financing is frequently available with recourse, meaning the investor must offer a piece of property as security for the loan he wishes to acquire.

As follows, each of these funding options is covered:

Local Financing (Essentially From Banks)

In 2015, Indian banks offered loans at interest rates between 11 and 13 percent; non-banking financial corporations (NBFCs) could have offered loans with slightly higher rates. Lower interest rates (10.2-11.4%) are offered by IREDA, the renewable energy finance arm of the Indian government. The amount of collateral needed to qualify may range from 20% for organizations like IREDA to 100% for some banks. Domestic loans are typically granted for a period of 7 to 10 years, however several Indian banks are today willing to extend their loan terms to 15 years.

Banks in India

Several public and private sector banks, including State Bank of India (SBI), ICICI, Yes Bank, Axis Bank, and others have offered finance for different kinds of solar projects. SBI would be funding the largest capabilities of 15,000 MW among public sector banks at a cost of Rs. 75,000 crore, followed by IDBI bank, according to a public announcement by the Indian government in March 2016. (3,000 MW). Plans totaling 31,649 MW will be financed by the 24 public sector banks.

NBFCs (non-banking financial institutions)

A few of the well-known NBFCs engaged in solar project loan financing are:

Infrastructure funds: Taurus Infrastructure Fund, SBI Macquarie, and Infrastructure Leasing & Financial Services Ltd (IL&FS).

Rural Electrification Corporation (REC) and Power Finance Corporation provide dedicated finance for the electricity industry (PFC)

Investment banks include BNP Paribas, SBI Capital Markets, and Larsen & Toubro Finance.

Indian Agency for Development of Renewable Energy (IREDA)

IREDA is a non-banking financial institution that the Ministry of New and Renewable Energy (MNRE) has administrative jurisdiction over and that provides term loans for thermal energy efficiency and renewable energy projects.

[15] Up to 75% of the cost of the solar project endeavor is financed by IREDA. In light of the risk assessment, IREDA performs credit ratings for all grid-related projects and assigns grades in a band of four (I, II, III, and IV).

Required Documents to Avail the Loan:

ID and Address Proof

PAN Card

Existing Track Record (If available)

Assets & Liabilities Statement & Supporting Documents

Non-encumbrance & Title Report

Valuation Report

Proof of Income

Quotation of Solar Rooftop

Hypothecation of Equipment

Equitable mortgage/ Extension of Equitable

Copy of Insurance with Bank’s clause

Personal Guarantee by the Guarantor

What is the pricing of Solar Panels in India?

Solar panels cost, on average, about Rs. 40,000, or between 36,000 to 44,000 depending on the type and model. While solar panels can help save you money on energy costs, it’s important to know the overall startup solar panel costs so you can plan a budget.

Average Cost of 1kW Solar Panels Average CostRs. 44,000Lowest CostRs. 32,000Highest CostRs. 50,000

What are the advantages of the subsidy for solar panels?

Using an Indian government solar subsidy provides a number of advantages. Here are a few examples:

It costs a lot of money to set up a solar system. In such circumstances, the solar subsidies offer financial assistance and relieve your load.

Depending on how many kW of electricity the solar system is expected to produce, different amounts are provided by the government. For example, the solar panel subsidy is 40% of the whole cost for solar panels up to 3kW, and 20% for solar panels between 4kW and 10kW. You select the subsidy based on your needs.

Use the subsidies to build your rooftop solar system. On the yearly electricity bills, you can receive an additional incentive of Rs. 1 per unit for the total solar power you produce.

Nevertheless, the business sector is not eligible for these incentives; only residential properties are. Only grid-connected solar systems, or systems without batteries, are eligible for it.

Gains from a Solar Loan

Your EMI is funded by the monthly electricity savings

Depending on the length of your loan, you may have to make monthly payments on a solar loan, just as you would for a home or vehicle loan. Yet you won’t pay more as a result of this. You can pay off the EMIs with the money you save on power bills thanks to your solar system.

Moreover, even after the loan is repaid, you will continue to save each month because solar panels virtually ever need maintenance. With that money, you may make more money by investing in attractive financial strategies like mutual funds, etc.

2. Purchasing a Fixed Asset

Loans are an obligation. With a solar loan, though, you’ll be making an investment in a fixed asset. A solar system will be with you for more than 25 years and will provide you a great return on your investment.

Whenever the debt is repaid in 4-5 years or fewer, this asset will be totally free.

3. Lowers electricity costs

The main advantage of switching to solar power is that you will be the one creating the electricity. You will be less reliant on the grid as a result. Also, you may sell the extra energy you create back to the utility company through net metering. Your power bill will be changed to reflect this new amount, which will result in a large decrease.

Also, the cost of electricity is always going up. You will pay the EMIs with the initial power savings. Yet after that, your fully purchased system will serve as a safeguard against any further price increases.

4. Make the switch to green energy

The switch to solar energy is a chance to lower our carbon emissions because it is a scalable, regional, and clean energy source.

You won’t need to put off beginning your transition to green energy with a loan. From the very first day, you can start assisting with the objective of a greener India.

Becoming an Excellent Example for Your Kids

Future generations must understand how we can all work to safeguard the environment. Children today are taught about climate change in classrooms for this reason.

Your kids may learn how to care for the environment more responsibly and the value of investing in renewable energy by having a solar system at home.

How to Apply for a Solar Loan

The procedure is as easy as applying for a vehicle loan.

You must submit to us an application for the financing and a plan for your solar power plant. Also, you will need to provide us with some basic paperwork, including your utility bills for the last six months. Before beginning the process, HDFC Bank will evaluate your eligibility and credit report.

HDFC Bank would pay up to 75% of the total cost of the solar plant after the loan is authorised. The client will make a down payment of 25%.

An Equated Monthly Installment (EMI) will be chosen based on the loan’s maturity length. The total amount due plus the interest incurred are included in this EMI. The compensation would be less if the tenure was longer.

We advise picking a shorter tenure since it results in higher savings even if the selection might be based on your ability to pay.

#solar energy #solar panel

0 notes

creditmoney · 2 years

Photo

Credit Money provide collateral free Solar Loan to SMEs who want to own their own rooftop solar system. Hassle free - Quick Process | Flexible EMI Option | Long Tenure https://creditmoney.co.in/ #solar #solarpanel #solarloan #finance #loans #funding #creditmoney #creditmoney11 https://www.instagram.com/p/Cgla74RoWR5/?igshid=NGJjMDIxMWI=

#solar #solarpanel #solarloan #finance #loans #funding #creditmoney #creditmoney11

1 note · View note

its-mysun · 3 years

Photo

Solar Financing Company

MYSUN presents:

Hassle-free solar loans for Commercial, Industrial & Retail customers

Collateral free & customized loan options available with minimal down payment

Solar loans available through MYSUN & our financing partners

Visit us : https://www.itsmysun.com/solar-finance-residential-commercial-industrial/

0 notes

osheenkharbanda · 3 years

Text

How to Finance Solar Panels

One of the most striking questions that occur to you when thinking of going solar is, "Will this decision be affordable for me?" What if we told you that installing solar panels is very economical due to various residential solar financing options available in India.

Owning a solar power plant in India is convenient today because you can find various available solar financing options. Multiple government schemes and NBFCs like the Indian Renewable Energy Development Agency offer residential solar financing options like solar panel loans at reasonable costs to support the convenient adoption of solar energy.

Solar panel loans are excellent financing options with the exact basic structure, terms and conditions like other home improvement loans. The only difference is that some states offer subsidised solar energy loans with low interest rates.

What to consider while choosing solar panel loans as your residential solar financing solution:

If monthly savings on your electric bills are higher than the monthly loan payment, you save money faster.

With low-interest rates, you get low overall costs.

Short term loans usually have higher monthly payments and lower total costs over the loan period.

By choosing a solar loan as your financing option, you can save 40-70% on electricity costs over your solar panel's lifetime.

Buying a solar panel system outright makes you eligible for financial incentives like investment tax credit.

Secured solar loans can be an additional source of income as they can be tax-deductible

Other Solar Finance Options

Other than solar panel loans there are a few other options that can prove to be beneficial if you are considering financing your solar panel installation. The below-mentioned options are among the commonly opted solutions:

Solar Lease and Power Purchase Agreements

In solar leases and power purchase agreements, the third party owner (TPO) installs solar panels, and you pay them at lower rates to use the solar electricity. It helps you save 10-30% of your monthly electricity bill without any investment. In addition, since the TPO owns the panels, it is responsible for maintenance and is eligible for rebates, incentives, or tax credits.

Solar Lease and Power Purchase Agreements

Banks and NBFCs

Banks offer top-up loan plans like home loans and renovation loans. Many banks primarily fund solar installations at differing interest rates, starting from 10-18%. The maximum tenure also ranges from 1-5 years up to 20 years for different banks. Non-banking financial companies also fund solar installations. However, their interest rates range from 13-24%.

Retailers

Solar financing company like Vikram Solar, TATA Solar, and MYSUN also fund their end customers through their dealer networks. As a result, customers can choose among various affordable financing services offered by the solar panel provider.

Solar Finance Companies In India

MYSUN is a prominent solar financing company in our country that provides hassle-free solar financing alternatives for industrial, commercial, and retail customers. Their no-collateral solar financing solution makes getting solar more inexpensive for you. Customers can choose from various choices, including SME loans, working capital loans, project finance, and third-party investors, among others, which make the brand a popular solar financing company. Furthermore, their collateral-free solar financing is backed by a guaranteed guarantee and a service commitment.

0 notes

classyfoxdestiny · 3 years

Text

Powering agriculture in India - Hindustan Times

The Government of India launched the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme in 2019 to improve irrigation access and farmers’ income through solar-powered irrigation. Under its components A and C, the scheme aims to promote innovative models for solar-powered irrigation by setting up solar power plants on agricultural land, and solarising existing grid-connected pumps, respectively. These components intend to support farmers to be net energy producers and earn an additional income. Concomitantly, the state governments are expected to reduce their agriculture power subsidy bills, while the discoms procure low-cost solar power sourced closer to the consumers through these models.

Notwithstanding the pandemic-related challenges, with almost half the scheme’s target period already over, these components have not taken off in most states. Only the Rajasthan government has offered letters of award for projects under Component A. Rajasthan is also the only state that has begun installing grid-connected solar pumps under Component C, that too on an experimental basis. In contrast, Component B of the scheme promotes stand-alone solar pumps and is progressing well across many states. Therefore, this study investigates the reasons behind the slow uptake of the components A and C of the PM- KUSUM scheme and proposes solutions to overcome the key barriers.

We do so by capturing the experience of seven Indian states in the implementation of the components A and C of the PM-KUSUM scheme and related previous pilots. Our findings are based on detailed interviews with 15 key informants across power distribution companies, state nodal agencies, developers, system integrators, and manufacturers. During the semi- structured interviews, which lasted for 45-90 minutes, we focused on identifying potential administrative, regulatory, financial, operational, and technical challenges hindering the scheme’s rollout. We also discussed possible solutions to address these challenges.

In addition, we conducted a scenario-based economic analysis to assess the economic viability of Component C for farmers, the power distribution companies (discoms), and the government. Below we summarise our key findings and recommendations.

Component A

Under Component A, farmers can set up solar or other renewable power plants on their land (directly or by leasing out land to developers), and the discom would purchase power from them. Most discom respondents were enthusiastic about this component due to its potential to reduce the power-purchase cost, but shared concerns about several implementation challenges, including surplus of contracted generation capacity. Unattractive tariffs for developers, delays in land leasing/conversion and inability of farmers to mobilise equity or debt finance also emerged as key challenges. To overcome these challenges, we propose the following recommendations for Component A.

1.Modify the scheme timelines to enable the inclusion of Component A in discoms’ power-purchase planning

Many discoms are not in a position to benefit in the short term from the component due to surplus contracted capacity and low variable cost of power from conventional power plants. Many are not in a position to shoulder the additional burden for long-term benefits, a situation further exacerbated by the pandemic-induced stress on discoms’ finances. Savings from renewable purchase obligation (RPO) fulfilment also depends

on the discoms’ power-purchase plans and the level of enforcement of RPO regulations. The ministry of new and renewable energy (MNRE) should modify the timelines for the scheme to enable the discoms to align the component with their power-purchase planning and gain maximum benefit from the component. The central government should also strengthen the RPO regulations enabling the discoms to plan for RPO fulfilment through Component A power plants.

2. Reduce risks and improve the competitiveness of decentralised power plants

The MNRE should study the impact of new customs duty on the cost competitiveness of small-capacity power plants and take appropriate measures to mitigate the associated disadvantages. The MNRE, in consultation with the Forum of Regulators (FOR), should also prepare a guidance note for the state SERCs to standardise an approach for tariff for Component-A power plants considering the factors like limited economies of scale, lower DC-to-AC conversion efficiency, etc. Two key risks concerning the deployments under Component A are grid unavailability and counter-party risk. The MNRE should strengthen the compensation clauses in grid unavailability and put the onus on the discoms to ensure a minimum grid availability. The discoms should be penalised in the event of failure to honour the power-purchase agreements (PPAs) to reduce the counterparty risks for the developers.

3. Undertake broader policy reforms to address the bias against distributed solar power plants

Under the current Inter-State Transmission System (ISTS) regulations, solar power plants are exempt from transmission charges, and no transmission losses are accounted for towards solar generation. This statute, which was brought in over a decade ago to promote the solar power sector, has unintendingly favoured large utility-scale solar power plants in a few states with high generation potential, like Rajasthan, over the distributed solar plants. The former offers cheaper rates due to favourable generation conditions and the discoms do not have to bear the inter-state transmission costs, thus reducing the effective cost of power by about INR 0.5-2.2 per kWh. The central government should do away with this archaic statute and initiate policies favouring distributed power plants if Component A or similar schemes are to succeed.

4. Streamline land regulations to ensure smooth implementation

State regulations concerning land leasing and land conversion from agricultural to non- agricultural uses have been a critical barrier in the scheme’s implementation. Some states prohibit the leasing of agricultural lands for non-agricultural purposes. Even states like Karnataka, with provision for ‘deemed diversion’ of agricultural land for solar projects, have witnessed administrative delays in this regard. Implementing agencies should work closely with the state revenue department to identify and address these challenges.

5. Adopt innovative models to overcome financing challenges with farmer-owned power plants

Usual means of project financing for developers are inadequate for farmer-owned power plants for two reasons. One, farmers are not able to raise/contribute the 30 per cent equity for the power plant. Two, in the absence of any track record as a developer, they cannot access loans from banks without collateral. Banks do not take agricultural land as collateral for non-agricultural purposes. State nodal agencies (SNAs) need to work with financial institutions to try innovative models such as the farmer-developer special- purpose vehicle (SPV) piloted in Karnataka.

6. Ensure inter-departmental coordination to mitigate any issues in the planning and implementation phases

Multiple agencies like the discoms, SNAs and revenue departments have roles to play at different stages of implementing this component. States should form a PM-KUSUM steering committee, led by the implementing agency, with state-level representatives from all the departments concerned. Such an arrangement can anticipate any inter- department coordination issues in the planning and implementation phases and address them.

Component C

The Component-C of the PM-KUSUM scheme aims to support the solarisation of the existing grid-connected pumps through two models – individual-pump solarisation and feeder-level solarisation. In this study, we focused only on the individual solarisation model as many of the challenges and issues concerning feeder-level solarisation are akin to Component A.

We find that most stakeholders are not enthusiastic about this model. The discom representatives unanimously anticipated difficulty getting farmers to pay the upfront contribution, as most target farmers already benefit from free or highly subsidised power. In the absence of upfront beneficiary contribution from the farmers, the economic viability of the component is uncertain. The alternative financing options – either increasing the farmer’s loan component or increasing the government subsidy share – both necessitate a lower feed-in tariff (FiT) while balancing the burden on the exchequer. In such cases, the opportunity cost of selling power becomes higher for the farmer, as they could benefit more by growing more crops or selling water to neighbours. We find that, in specific contexts, farmers have chosen such alternative options, which in turn affects the loan repayment and the financial viability of the model. We also found that the SERCs are not adequately equipped to assess the opportunity costs of selling surplus power while deciding the FiT, leading to a wide variation in the FiT under Component C across states.

We also identify operational challenges for the discoms pertaining to metering and billing, free-ridership, and gaps in infrastructure. While metering is critical for accounting under Component C, it is afflicted by issues of trust deficit between the farmers and the discoms and challenges in billing sparsely distributed agricultural connections. The free-rider problem emerges when only some farmers in a feeder participate in the scheme, while the rest gain access to reliable day-time supply without investing in the solar asset. Finally, inadequate maintenance of the agricultural feeders by the discoms due to poor revenue recovery is also a concern, as Component C requires that feeders are well-maintained and on, at least during the daytime.

Overall, there remain significant uncertainties around the economic viability and operational sustainability of Component C. We propose the following steps to address the unknowns before implementing the model at scale.

1. Discoms should lead the component’s implementation

The study makes it abundantly clear that the implementation of the component will throw up many challenges that only the discoms can tackle. The discoms’ role in Component C is pre-eminent, and all the states should appoint the discoms as the implementing agency for the component.

2. Pilot the model in different contexts

The experience from the limited number of pilots on the individual-pump solarisation model so far suggests that the outcome of Component C depends on an array of localised factors. The current cropping pattern, the existing power supply conditions and alternative options with surplus power are some of these determinants. Given that these factors vary immensely even within states, states must carry out pilots in different agro economic contexts before scaling up the model. The pilots should specifically test out the following aspects:

Beneficiary contribution and metering modalities:

Farmer’s willingness to pay for solarisation would depend on many factors like the current supply condition, the FiT and the metering modality. The discoms need to test out different combinations of financing structure and metering options acceptable to farmers and assess their economic viability.

Use of surplus power and impact on groundwater:

Using surplus power for selling water or cultivating more crops can put more stress on the groundwater, particularly in water-scarce regions. The discoms should conduct pilots to study farmers’ behaviour concerning surplus power and water use, to better plan their deployment strategy. Carefully designed financial models should be piloted in different contexts before scaling-up also prioritise farmers using water-efficient practices to achieve the component objectives sustainably.

Feasible approaches to address metering, billing and free-rider problem:

Technological solutions like smart meters and smart transformers can address some of the operational concerns but come with their own challenges. Network connectivity and trust issues with remote billing can pose a challenge. The discoms must engage with the farmers in the target feeder to ensure maximum participation in a feeder, build trust, and promote community ownership of the scheme during the pilots.

Infrastructure costs: The discoms should carry out comprehensive infrastructure assessment in the pilot projects to assess the infrastructure challenges and costs. The study should include pump sizes in use by the farmers, the status of grid infrastructure, and sources of other commercial losses before implementing the component in any feeder.

3. Complement the component with other key measures to make it viable

The states along with the MNRE could take some essential steps to make Component C more feasible and sustainable.

Larger reforms in agriculture power supply: It is pretty difficult to get farmers to contribute to the scheme component in the backdrop of free agriculture power. Component C cannot be decoupled from the larger reforms needed in the sector. Instead, it should be implemented in consonance with subsidy and tariff reform measures.

Pump replacement: Although the states are not receiving the central government’s subsidy share for pump replacement, replacing old inefficient pumps with efficient ones is likely to have a net positive outcome for both the state and the farmer. The discoms can test out the overall benefit from pump replacement through pilot studies.

Framework for determining FiT: As the conventional methods

if determining electricity tariffs are inadequate to capture the complexities of the scheme, the MNRE should create a framework to guide the SERCs to determine a FiT that is viable for the discom, farmers, and the state government.

The study has been accessed by clicking here.

(The study has been authored by Anas Rahman and others)

. Source link

0 notes

megamax-solar · 2 years

Text

What are the easy ways to get collateral free loan in India?

0 notes

electronica-finance-ltd · 4 years

Text

Rooftop Solar Benefits and Solar Financing

Solar sector is extremely dynamic in India right now as India is the fifth biggest power generator on the planet. Exploring the rooftop solar market is crucial for India to meet its massive energy needs. Solar parks need land, and the land is scarce in a densely populated country like India. Rooftops, on the other hand, hold huge potential. Companies that want to make the transition into an eco-friendly energy option can consider investing in a rooftop solar panel setup. Taking the green approach could bring about a wide variety of advantages for businesses.

Why go solar?

Save money for other business expenses:

Sunlight is a clean as well as cost-effective source of energy unlike coal-based sources. You can utilize rooftop solar panels to reduce your energy expenses. The money saved can be hence reinvested for business expansion or purchase/update machinery.

Save on maintenance expenses:

Besides the reduced energy costs, you can expect lower maintenance. This is due to the lack of moving parts, which are prone to wear and tear, and consequently, high repair or replacement cost. The only maintenance factor for rooftop solar panels is keeping the panels free from dirt as it may obstruct the absorption of sunlight, and subsequently, the generation of electricity.

Relatively faster payoff:

It doesn’t typically take a long time to see your commercial rooftop solar investment pay off (approximately 5-6 years). It has a faster value realization.

Reduce dependence on costly power sources:

If you are a rural consumer or situated at a remote location, solar is the most economical solution to complete your electricity needs. By using rooftop solar power, you can not only stabilize your existing electricity supply but also reduce your dependence on more expensive sources of power like diesel generators and inverters.

Flexibility of utilization:

When many people think of solar power possibilities, they consider interior lighting as the only application. Besides that, solar energy, when converted into heat energy, can be utilized for – hot water usage for bathing and washing, boilers, Pasteurization, condensation and cleaning in milk dairies, drying and tanning in leather process industries, degreasing and phosphating in metal finishing industry, resin emulsification in polymer industry, drying in food, wood, livestock etc., all of which could boost a company’s cost efficiency.

However, the upfront cost of a rooftop solar power system can be sizeable, especially depending on your specific needs. Financing and service have to become an integral part of the solar solution offerings. SMEs can opt for financing solutions to cover up the purchase and installation costs.

For MSMEs, installing a rooftop solar power unit can be a trouble for multiple reasons. Due to credit ratings limit, it is difficult for small entrepreneurs to raise funds from banks. Even though lending institutions like banks have got rooftop specific credit lines and are providing loans at concessional rates and both private sector and nationalized banks have been very forthcoming in providing loans for financing rooftop solar projects, higher interest rates are another challenge for SMEs. Some lending institutions also need collateral even for small loan amounts, which can be a crisis for some SMEs. It is crucial to select a solar financing choice that suits your establishment.

Electronica Finance Ltd. offers a rooftop solar power loan at attractive interest rates to not only manufacturing companies, but also to educational institutions, hospitals, service industries etc. to encourage the use of solar energy. It is the only NBFC which offers a rooftop solar power loan. The loan covers around 75% value of system or installation. For loan amount up to Rs.15 lakhs, it can be availed collateral-free. Interest rates are flexible and based on the customer’s profile. EFL rooftop solar panel loans can be availed within 7 working days and require minimal documentation.

With its almost 3 decades of extensive experience in asset financing, Electronica Finance Limited can help your establishment go solar and save considerable expenses on electricity.

If looking for rooftop solar panels, EFL Connections is an online marketplace that can help you find solar panels at reasonable rates. EFL Connections allows you to connect directly solar panel sellers without any interruptions. With EFL Connections, you can find the rooftop solar panel of your choice, new or used. For more information, head to – EFL Connections

#machinery loan #business loan #solar panel loan #SolarLoans #solar financing

0 notes

smarthomerig · 4 years

Text

Finding A Home Improvement Idea

And, if you are having a hard time finding a contractor you trust - if every one you've interviewed reminds you of a politician - ask for a referral from people you know. Your friends, your family, or the butcher at your local market may all know of a great contractor. Take your time in hiring help: it's better to be safe than scammed. Don't Do Things Yourself that You Can't Do Yourself: Home improvement, for some people, is a time when pride comes out: it gives self-proclaimed handyman a chance to prove their handiness. For this reason, people often tackle jobs for which they aren't really qualified. If you know nothing about installing a sink, don't install one yourself: hire a plumber. If you know nothing about pre-wiring a ceiling fan, consult an electrician. If your legs shake each time you climb a ladder, have someone else fix the roof. Don't put yourself or the quality of your home improvement at risk by being too prideful to ask for help: hire a contractor, then just tell everyone that you did it yourself. Home improvement can surely test your patience. Everything seems a little more expensive, turns out to be a little harder to do, and takes a little longer to fix than you thought. But, in the end, you might just find that it was well worth it: your home improvement may just lead to much more home enjoyment. Your whole project could possibly be finished in a short amount of time if installed by a respected contractor of your choosing. You will get your old home looking brand-new and bright and shiny with new siding. Your entire home will complement precisely the same bold colors you choose together with your window and door trim will match also. The cost of one's old home will sky rocket and if you ever consider selling the home, you'll receive higher offers for it. You're most likely wondering why you may want to install new vinyl siding versus aluminum siding. There are many of great benefits of using vinyl; however, the concluding decision is yours. You will discover numerous of differences between aluminum siding and vinyl. Vinyl siding is manufactured from a continuous formed plastic material and most likely consists of a thickness between.040 to.046 inches. Aluminum siding is a continuous formed material that is usually around.019 inches thick. Smaller amount of loan of up to £25000 is accessible without collateral in case of the unsecured loan. Its repayment duration ranges from few months to 10 years, keeping your repayment ability in mind. However, these are costly loans with higher rate of interest attached. Your credit report must be fully error free as the loan provider will first see it for assessing the risks. So, check the report for any inaccuracies. It is prudent to go for the loan with improved credit rating on first paying off some easier debts. Usually, bad credit home improvement loan comes at competitive rate of interest from online lenders as you can compare them extensively. First apply for their rate quotes and see their additional fee charges too in order to find out a suitable and less burdensome deal. Your home is at stake and, therefore, makes the loan installment payments on time. Installing Sliding Doors: 3 Things To Consider Sliding doors are a great way to enhance your home. Here are three things to consider as you decide whether theyre right for you. Solar panels and photovoltaic shingles are both good ways to collect the suns energy on the roof of your home. What exactly is organic gardening and why would you want to do it? Can I Really Save Money With A Tankless Water Heater? Yes, absolutely yes, you can save money with a tankless water heater. What exactly is organic gardening and why would you want to do it? When you take on the challenge of overseeing the construction of a house, there are many important decisions to be made. Certainly, it can feel overwhelming. Installing a heat pump is a great way to save on energy costs. After taking a good look at your property you discover a few difficulties that you are going to have to address very soon. This is more common than you may think. Perhaps you do not want to do anything too radical at this time. Some home improvement tips and advice are specially designed for those not so glamorous projects; like unplugging drains, sewer lines or gutters. As we all know, these types of home improvements must be completed as well to preserve the value of our homes, but once you have a few items fixed around the house, you will want to seek some home improvement tips and advice that will add even more value to your home. There are several simple projects that you could consider for increasing your homes value greatly, however; it is very important that you first set a budget and then create a basic idea and layout of what type of style you like best, based on the available funds you have set for your next home improvement project. You might add a door to the spare bathroom and then some paint to make a substantial value increase to the over all homes value.

https://smarthomerig.com/what-is-a-single-pole-light-switch/

youtube

#home-improvement-loans #home-improvement-cast #home-improvement-contractor #home-improvement-license #home-improvement-stores #home-improvement-store-near-me #home-improvement-neighbor #home-improvement-license-nj #home-improvement

0 notes

its-mysun · 3 years

Photo

Solar Loan Scheme

While there is absolutely no doubt that rooftop solar is a great financial investment for you, we do understand that the consumers prefer to have easy financing options to choose from to suit their individual needs.

MYSUN presents:

Hassle-free solar loans for Commercial, Industrial & Retail customers

Collateral free & customized loan options available with minimal down payment

Solar loans available through MYSUN & our financing partners

Visit us : https://www.itsmysun.com/solar-finance-residential-commercial-industrial/

#rooftopsolarpanels rooftopsolarsystems rooftopsolarinindia

0 notes

mhsn033 · 4 years

Text

John Hume: A lesser-known life of fish, finance and football

Image copyright Pacemaker

John Hume packed extra into his 83 years on earth than most other folks would in three lifetimes.

Teacher. Flesh presser. Civil rights leader. Peacemaker.

He served in govt constructions of Belfast, London and Brussels, and was a frequent customer to the US as an advocate for the peace assignment and his home town of Derry.

Nonetheless while his existence was largely lived in the political highlight, about a of his achievements are much less successfully-identified.

On the day one among Northern Eire most important political figures is laid to relaxation, BBC Recordsdata NI takes a peep on the lesser-identified Hume.

Image copyright PAcemaker

‘Thran’ man – and boy

Amongst the many words of tribute offered to John Hume, one stands out – stubborn.

There’s a regular observe in this portion of the realm for any individual in particular space of their techniques – “thran”. And Hume could well embody it.

In his political occupation, he had to – whether facing down unionist leaders, the British Navy, Sinn Féin or the critics who pilloried him for continuing to talk over with Sinn Féin thru the 1990s.

His stubborn drag grew to vary into apparent early: Rob this narrative, recounted in the Irish Cases, of an eight-year-broken-down Hume who had genuine obtained money as a category prize.

The headmaster, shining the boy had money, rattled a charity sequence field under his nose while Hume stared straight ahead, refusing to flinch. Hume saved the money.

He was arrested for the first time genuine four years later, when a policeman lifted him for having fun with heady (a football-essentially based entirely recreation of headers) in the avenue.

The Hume family were too melancholy to hire a solicitor, so the 12-year-broken-down Perry Mason represented himself.

“I pleaded no longer responsible,” he later told BBC Radio Foyle. “The policeman obtained up and stated: ‘Nonetheless particular I caught you.’

“I stated: ‘I wasn’t having fun with football, I was having fun with a heady.'”

He was fined two shillings, but praised by the magistrate for defending himself successfully.

Image copyright PAcemaker

Image caption John Hume pictured in 1994 – St Columb’s Faculty, where he studied and later taught, is also considered in the background, center left

‘Unhealthy priest’ to transferable speech

The Education Act of 1944 modified all the pieces for children in Derry’s poorer enclaves, as free training made college and studying accessible to many for the first time.

It modified John Hume’s course for horny, as he obtained a scholarship to St Columb’s Faculty and later went on to Maynooth to see for the priesthood, easiest to journey away sooner than finishing his coaching. He later described himself as “a sinful priest”.

Having studied historical past and French, he returned home and to St Columb’s Faculty to educate.

It was his background as an educator that he credited for his repetitive locution vogue – or, as sportive journalists dubbed it, his “single transferable speech”.

Repeated maxims – equivalent to “you cannot indulge in a flag” and “spill sweat, no longer blood” – were a deliberate tactic, he told The Cases in 1995.

“I learnt that after I was a instructor: You support on saying the the same part over and over till any individual says it inspire to you.”

Credit ranking unions and Teenage Kicks

When requested about his proudest achievement, Hume would omit the Upright Friday Settlement, his Nobel Peace Prize and quite so a lot of accolades for something he finished sooner than entering politics: The formation of the Derry Credit ranking Union.

In the slow 1950s, the metropolis’s melancholy, largely Catholic communities, were caught in a depressing financial cycle – too melancholy to have interaction a home but with out a home to make exhaust of as collateral to valid a financial institution mortgage to befriend them on their formula.

Hume and five others from the Bogside broke that cycle after they pooled their financial savings – a gigantic complete of £8 and 10 shillings – to stumbled on Northern Eire’s first credit union in 1960.

The co-operative no longer-for-profit institution gave local other folks an doable source of credit.

Image copyright PAcemaker

Image caption Without the credit union, The Undertones could never bear reached their stage of reputation

From that meagre starter fund, the Derry Credit ranking Union currently has greater than 30,000 contributors and has issued greater than 1,000,000 loans.

Hume, inclined 27, went on to vary into the youngest ever president of the Irish League of Credit ranking Unions in 1964.

For a few years, other folks of Derry bear relied on credit unions to fund all the pieces from properties and training to the fulfilment of rock dreams: The Undertones drummer Billy Doherty inclined loans to have interaction his a drum equipment and support the band on the avenue.

No Derry Credit ranking Union? No Teenage Kicks.

Image copyright Pacemaker

Fishy enterprise

John Hume had various entrepreneurial interests in his pre-politics years.

In 1952, he started Atlantic Harvest, a smoked salmon enterprise, reportedly irked by looking at salmon caught in the Foyle estuary being despatched in other areas in the UK to be smoked.

When politics took over, he offered his half of-portion in the firm when he was first elected to Northern Eire’s Parliament in 1969, believing a flesh presser could soundless no longer additionally be a businessman.

He could, however, bear been a loss to the enterprise world – Hume had one other belief in his early years to bottle spring water, without reference to local scepticism as as to if somebody would have interaction something they could rep without cost, out of taps.

“If I could well given my existence to enterprise… I would be a lot higher off than I am at this time,” Hume told The Cases in 1995.

Image caption John Hume was instrumental in Seagate opening a plant in Derry

As a flesh presser, he put his financial acumen to horny exhaust securing investment for his home metropolis.

Meeting Seagate govt Brendan Hegarty in a Los Angeles bar, Hume stated one of these title need to counsel a Derry or Donegal heritage.

The conversation was the precursor to Seagate investing an complete bunch of millions of pounds in a online page in Derry in 1993.

It stays one among the metropolis’s greatest employers.

Image copyright PAcemaker

Image caption John Hume watches from his popular seat throughout a Derry City match in 2012

A carrying existence

As his arrest on the age of 12 made sure, John Hume cherished sport.

Whereas he was a at hand left-handed journey bowler on the cricket pitch, football was his no 1 cherish, from his days as a young player at St Columb’s to his role as president of Derry City FC.

Even though the role was largely ceremonial, when the club hit financial difficulties, Hume dipped into his contact book: A letter to Sir Alex Ferguson brought Manchester United to the club’s Brandywell Stadium for a money-spinning pleasant in 2000.

Celtic and Accurate Madrid followed and, in 2003, Hume visited Barcelona where he was awarded the freedom of the metropolis. There, he convinced FC Barcelona’s president, Joan Gaspart, to bring his club to Derry.

Months later Andreas Iniesta, Carlos Puyol, Marc Overmars and newly-signed Brazilian superstar Ronaldinho strutted their stuff on the famously-sloped Brandywell pitch.

The incontrovertible truth that Barca obtained 5-0 was the perfect mark there was a restrict to the club president’s affect.

Image copyright Kevin McDaid

Hume’s reputation preceded the club wherever it went.

In 2013, when Derry travelled to Turkey to expend on Trabzonspor, the home club ready a personalised shirt to train to the club’s smartly-known president. When they learned he hadn’t travelled, they gave it to the travelling fans.

Image copyright Pacemaker

A neighborhood boy returns

Ill successfully being forced John Hume’s early retirement – but without reference to worsening dementia, he did no longer go from look in his home town.

As an various he’ll be on a regular basis considered at neighborhood events, prize-givings or looking at Derry City from his popular Brandywell seat.

He took time to quit and focus on over with other folks on his popular walkabouts, waving to all who greeted – or honked their horns – at him.

The anecdotes are legion – taxi drivers who stopped their autos to offer him a steal home, fare-freed from course; other folks that walked with him to construct sure he returned safely; autos that came to a cease on busy roads to enable him to inferior with ease.

His wife of 40 years, Pat, could well let John journey about his day shining the metropolis’s residents would no longer let him shut to any hurt.

His illness did no longer totally diminish his quality of existence, she illustrious in an interview in 2015.

“Derry is a truly dementia-pleasant metropolis… Americans cherish John.”

Rising up in Derry, throughout the environment solar years of the Troubles, Hume solid a gigantic shadow.

All over his have closing years, he emerged from it and into the stylish metropolis he helped to make.

It was easiest fitting he obtained to indulge in it.

John Hume: A existence remembered

In their words: Dilapidated presidents and as a lot as the moment top ministers pay tribute to Mr Hume’s smartly-known occupation

Engaging a expertise: Children present what John Hume supposed to them

In shots: The occupation of one Northern Eire’s fundamental political leaders

Evaluation: The one who was in a situation to unpick the lock of the Troubles

Diplomats capture the slow SDLP leader’s particular connection to the US

In depth: Read BBC Recordsdata NI’s obituary of John Hume

from WordPress https://ift.tt/2DzgrAQ via IFTTT

#IFTTT #WordPress

0 notes

deborahringgold · 4 years

Text

Financing solar with a home equity loan

Reading Time: 4 minutes

As you’re comparing your solar options, one of the biggest decisions you’ll need to make is how you’ll pay for your system. Fortunately, there are many accessible financing options available for those looking to install solar with little–or no–money upfront.

Given the number of solar financing options and the differences between them, we often get questions about the pros and cons of certain loans – truthfully, every financing solution has both. In this article, we’ll give you a quick overview of factors to consider with one common solar financing option: home equity loans.

Find out what solar panels cost in your area in 2020

An overview of home equity loans

A home equity loan, commonly referred to as a “second mortgage,” allows you to borrow against the equity you’ve accrued for your home. The amount you can borrow with a home equity loan depends on a number of factors, including the equity you’ve built up, income, and your credit score. When you finance your solar panel system with a home equity loan, you will typically repay the lender through monthly payments at a fixed interest rate.

As you’re comparing solar financing options, you may hear solar companies referring to home equity loans as a “secured” loan option – this means that the lender requires some sort of asset as collateral for the money you borrow. In the case of home equity loans, this typically means a lien on your property; if you default on payments, the lender has the right to take possession of your home.

You can read more about the differences between secured and unsecured solar loans in this article.

youtube

Advantages of financing solar with a home equity loan

For many, home equity loans are one of the most favorable solar financing solutions. Here are just a few reasons why:

Lower interest rates

Interest rates vary across all solar financing options, and depend on the type of loan, loan term, the lender, and personal financial circumstances. However, generally speaking, home equity loans typically have lower interest rates than many other solar loans. This is because they are secured with collateral (i.e. your home), so the lender assumes less risk when loaning you money.

Finding the most competitive interest rate can help you save a lot of money over time: the lower your interest rate is, the less you’ll owe your lender for borrowing money from them.

Tax benefits

Historically, interest payments on all home equity loans were tax-deductible. However, this changed with the Tax Cuts and Jobs Act of 2017: you can no longer claim deductions on your interest payments if you use your home equity loan for personal expenses, such as vacations, student loan payments, credit card debt, and more.

But if you want to use a home equity loan for solar, there’s some good news: according to the IRS, “the Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.” Fortunately, solar installations can fall under that umbrella – and what better way to substantially improve your home?

Importantly, if you use a home equity loan for more than one purchase (i.e. a solar panel installation and a new car), you can only claim tax deductions on the interest payments for your home improvement project, not the entirety of the loan.

Always consult a tax professional!

U.S. tax code is complicated, and we’re not tax experts: what we have written should not take the place of advice from a qualified tax professional. Consult your tax advisor before deciding what is best for you.

Existing lender relationships

Do you have a good relationship with a local lender? Many homeowners first go to their existing local credit union or bank to obtain a home equity loan due to the convenience and familiarity. If you know your bank well and feel comfortable with their service and reputation, you may want to borrow money from them rather than starting afresh.

Disadvantages of financing solar with a home equity loan

Like all financing solutions, there are some downsides to taking out a home equity loan for your solar panel installation:

Longer approval process

Securing a home equity loan often involves a number of steps, including a property evaluation to assess the value of your home. Because of this, the closing process for a home equity loan can take several weeks. In comparison, you can receive approval for many unsecured solar loans in a matter of minutes.

Property lien

As mentioned above, lenders of home equity loans typically put a lien on your home, allowing them to repossess your property if you default. So, this is a downside to consider if you end up not being able to make your payments as planned.

Equity & debt-to-income requirements

Compared to other solar financing options, the approval requirements for home equity loans are a bit stricter.

For one, you need to have built up a certain amount of equity in your home – this is why home appraisals are typically part of the approval process. Most lenders require at least 15 to 20 percent equity in your property (i.e. your home value minus remaining mortgage payments) for home equity loan approvals.

In addition to equity, lenders will also assess your debt-to-income (DTI) ratio – this is essentially how much of your monthly income goes straight to paying off existing debt. If your DTI is less than 43 percent, you’re likely good for approval. Some lenders may grant approvals for DTIs as high as 50 percent.

Compare solar financing solutions on EnergySage

When you’re comparing financing options, it’s a good idea to shop around – the same holds true for solar offers. On the EnergySage Marketplace, you can receive free custom solar quotes to compare online from local installers. If you’d like to include loan options in your solar quotes, simply note your preference for financing when registering. Or, if you’d like to start out with a quick estimate of your potential solar costs and savings, try our Solar Calculator.

Find out what solar costs in your area in 2020

from Solar Energy https://news.energysage.com/financing-solar-home-equity-loan/

0 notes

flipfundingstuff · 4 years

Text

Unexpected Ways To Use Equipment Financing

Equipment financing is exactly what it sounds like: a loan to purchase business equipment. It offers numerous advantages to any small businesses that want to expand without depending on existing funds, a line of credit, or a different kind of loan. For one, the equipment you’re purchasing can act as its own collateral in some cases.

The application process for equipment financing is also much more streamlined than the in-person small business loan process. Lendio can determine what you qualify for with a free 15-minute application—and you might be eligible for funding in as little as 24 hours.

Your eligibility will depend on several factors, including your credit score, your business revenue, and the amount of time you’ve been in business. Loans can range from $5,000 to $5,000,000 with terms from 1 to 5 years. Interest rates start at 7.5%.

The most common uses for equipment financing are to procure heavy machinery, like construction vehicles or ranges for restaurant kitchens. But equipment financing actually covers a whole host of items for every small business. Here are some of the less expected, but very useful, things you might pay for with equipment financing:

Office Furniture and Furnishings

Offices are essential for many small businesses, and an empty office wouldn’t be very productive. The list of office furnishings that could be covered by equipment financing is fairly extensive:

Desks and desk chairs

Filing cabinets

Bookcases

Light fixtures

Cubicles

Rugs or flooring

IT Equipment

Computer equipment might seem small compared to the heavy machinery often financed by equipment financing, but the right hardware is incredibly important for most small businesses—including networking infrastructure. Equipment financing can cover:

Computers

Monitors

Peripherals (keyboard and mouse)

Printers

Scanners

Phones

Data center components

Server equipment

Networking systems

VoIP equipment

Routers and hubs

Backup systems

Wiring hardware

Conference room technology

Break Room Appliances

Regular breaks contribute to increased productivity and employee wellbeing. Those breaks often include a healthy snack or meal, and employees need somewhere to store and prepare that food. Equipment financing can help keep your employees satisfied with items including:

Microwave

Toaster

Coffee maker

Refrigerator

Blender

Waiting Areas

Client-facing businesses need somewhere for those clients to sit. Comfort can play a big role in customer psychology—something as simple as a warm beverage or the right music is proven to put the person in the mood to buy. Outfit your waiting area with comfort-inducing trappings like:

Water cooler

Tea/coffee maker

Aquarium

Sound system

Mini fridge

Television

Sofas

Tables

POS Systems

Not all necessary equipment is the size of a tractor—some of it can fit into the palm of your hand. Point-of-sale (POS) systems are just as important to retail operations as industrial equipment. That includes:

Cash registers

Tablets

Barcode scanners

Card scanners

Receipt printers

Software

Some equipment isn’t even physical equipment at all! Software may not be tangible, but it is still a necessary purchase for your business operations. Some eligible types of software include:

Operating systems

Customer relationship management (CRM) software

Accounting and bookkeeping software

Asset management software

Invoicing software

Payroll software

Email management and marketing programs

E-commerce and shopping cart software

Employee scheduling software

Time and attendance software

Security software

Cloud software programs

Inventory and supply chain management software

Big data analysis and storage software

Human resources and talent management software

Facilities Upgrades

Maintenance of and major upgrades to your space can be paid for with equipment financing. And we don’t just mean cutting the lawn or doing simple repairs: you can use equipment financing to make significant improvements essential to your company’s long-term success. That includes things like:

Security systems

HVAC systems

Parking kiosks

Solar panels

Vehicles

If vehicles are essential for your business, they might be covered by equipment financing. That includes:

Delivery vehicles

Company cars

Small electric vehicles (for navigating large spaces like warehouses)

Industry-Specific Equipment

The examples listed above are all fairly broad and could be used by almost any small business. But equipment financing covers industry-specific equipment as well. We’ve already mentioned the restaurant and construction sectors as industries that often take advantage of equipment financing. Others include:

Medical

Dental

Printing

Gyms

Auto Repair

Manufacturing

Landscaping

Equipment financing is a flexible and useful tool—whatever your business’s needs, consider if equipment financing is right for you.

The post Unexpected Ways To Use Equipment Financing appeared first on Lendio.

from Blog – Lendio https://ift.tt/3fcAC4Y via IFTTT

#IFTTT #Blog – Lendio

0 notes