Orb Energy, a leading solar solutions provider in India since 2006, has announced a strategic partnership with the State Bank of India (SBI). This agreement designates Orb Energy as an approved vendor under SBI’s Surya Shakti Solar Finance Scheme. Launched by SBI, the country’s largest lender, the Surya Shakti scheme aims to enhance the financing options available for solar power projects. Through this collaboration, SBI will offer solar loans to Orb Energy’s residential, commercial, and industrial customers, facilitating the installation of rooftop solar systems.
Loan Details and Benefits
Under this agreement, SBI will provide solar loans to Orb Energy’s residential, commercial, and industrial customers. For commercial and industrial customers, SBI will offer loans of up to Rs. 10 crores, with a minimum down payment of 20% and extended tenures. Residential customers will have access to loans of up to Rs. 10 lakhs for solar system installations. This financial support is critical to accelerating the uptake of rooftop solar systems and achieving the government’s goal of 100 GW of rooftop solar capacity by 2030.
Financial Viability of Rooftop Solar
Rooftop solar systems typically offer a payback period of 3-4 years for commercial and industrial customers and 4-5 years for residential customers. With solar panels warrantied for 25 years or more, customers benefit from free electricity after the payback period. Long-term, low-cost financing is essential for helping customers manage the upfront costs, enabling quicker adoption of solar systems and capturing lifetime savings from solar energy.
Damian Miller, Co-Founder and CEO of Orb Energy – “Signing with the State Bank of India is a tremendous milestone for Orb Energy and its customers. We look forward to enabling more of our customers to benefit from SBI’s low-cost, innovative financing for rooftop, to supporting SBI’s hugely beneficial ‘Surya Shakti Solar Finance Scheme.”
Orb Energy’s Market Position
Orb Energy has been a pioneer in India’s rooftop solar industry, regularly ranked in the top 5 rooftop providers by CRISIL (Bridge to India), with over 300 MW installed and growing rapidly. The partnership with SBI promises to further fuel Orb Energy’s growth, providing customers with a broader range of financing options for their rooftop solar acquisitions.
The collaboration between Orb Energy and SBI under the Surya Shakti Solar Finance Scheme marks a significant step towards accelerating the adoption of rooftop solar systems in India. Enhanced financing options will help manage the upfront costs of solar installations, leading to substantial long-term savings and contributing to the government’s ambitious solar energy targets. This partnership not only strengthens Orb Energy’s market position but also supports sustainable energy initiatives across the country.
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