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In today's world, the need for sustainable energy solutions is more critical than ever. With rising electricity bills, the increasing impact of global warming, and the urgency to reduce our carbon footprint, turning to solar energy has become a necessity. Aavas Financiers Ltd is dedicated to empowering homeowners to embrace renewable energy with our funding for rooftop solar electricity generation systems. By choosing solar, you not only contribute to a greener planet but also enjoy significant savings on your electricity bills. Aavas Rooftop Solar Loan offers financing for the installation of rooftop solar systems, leading to significant reductions in electricity bills. This eco-friendly upgrade provides long-term financial benefits and enhances the value of your home. As an existing Aavas customer or have a loan application in process with Aavas, you are eligible for this Rooftop Solar Loan.
| On-Grid Solar System | Off-Grid Solar System |
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An On-Grid solar system, also known as a grid-tied or grid-connected solar system, is connected to the public electricity grid. Here are some key features:
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An Off-Grid solar system, also known as a stand-alone solar system, operates independently from the public electricity grid. Here are some key features:
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• Residential rooftop solar installations can lead to substantial reductions in electricity bills, providing long-term savings for homeowners.
• Utilizing rooftop solar energy contributes to a reduction in carbon emissions, promoting a cleaner and more sustainable environment.
• Homeowners can become less reliant on the grid, gaining more control over their energy sources and reducing vulnerability to rising electricity costs.
• Properties with solar installations often see an increase in market value, making them more attractive to potential buyers.
• With economic potential focusing on net savings, homeowners can achieve a return on investment through lower electricity expenses over time.
• Even households with low electricity consumption can benefit from solar installations, especially with government subsidies and schemes designed to make solar energy more affordable.
• Government schemes and incentives can significantly reduce the upfront costs of solar installations, making them more accessible to a broader range of consumers.
• With increasing consumer awareness and willingness to adopt solar energy, market potential is bolstered by positive consumer sentiment and readiness to invest in renewable energy solutions.
• Systems designed with a payback period of less than five years provide a quick return on investment, making solar installations a financially sound decision for homeowners.
By leveraging the technical, economic, and market potentials, residential rooftop solar installations offer a viable and sustainable energy solution, providing numerous benefits to homeowners, the economy, and the environment.
| Fresh Loan (HL/NHL + Solar Loan) | Existing Aavas Customers |
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• All applicable documents as per Aavas policy. For Disbursement: • The customer must submit the required solar documents at the time of tranche-wise disbursement, as mentioned below. |
• All applicable documents as per Aavas policy. For Disbursement: • The customer must submit the required solar documents at the time of tranche-wise disbursement, as mentioned below. |
The funds provided will be used by customers for the installation and setup of grid-connected rooftop solar plants for residential purposes.
One of the significant benefits of installing residential rooftop solar systems is the financial support provided by government through the subsidies. These subsidies substantially reduce the upfront cost of solar installations, making them more accessible and affordable for homeowners. By lowering the initial financial barrier, these government incentives encourage wider adoption of solar energy, promote renewable energy usage, and help consumers save on electricity bills in the long-run.
This financial aid plays a crucial role in making solar power a viable option for a larger segment of the population, supporting both economic savings and environmental sustainability.
As of June 2024, the central government offers a subsidy of Rs. 30,000 per kW for installations up to 2 kW and Rs. 18,000 per kW for additional capacity up to 3 kW. This means that for a system larger than 3 kW, the total subsidy is capped at Rs. 78,000.
1. Solar Panels must be made in India or there should be Domestic Component Required Certificate on Solar Panels
2. The solar system should be a rooftop on-grid solar system
3. The rooftop solar system should be installed by the Ministry of New & Renewable Energy (MNRE) vendor or called as Engineering Procurement & Construction (EPC) Partner
4. The EPC partner after completing the on-grid rooftop solar system and taking the necessary approvals & certificate uploads the documents on MNRE portal https://www.pmsuryaghar.gov.in/
5. After uploading, the as applicable subsidy is credited in the customer’s account through Direct Benefit Transfer (DBT) by the Govt. of India.
| Type of Customer | Tenure |
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| Fresh Loan (HL/NHL + Solar Loan) | Same as parent loan |
| Existing Aavas Customers | 7 years or the stipulated/remaining repayment period of the parent loan with Aavas, whichever is shorter |
Empower your home with sustainable solar energy. Apply for our Roof Top Solar Loan today!
Q: How much is the processing fees I need to submit?
A: As per the policy, we charge minimum processing fees.
Q: What are the benefits of Solar Energy? A: Reduction in electricity bill, eco-friendly investment.
Q: Does Solar work when it is cloudy or night? A: Solar works best during the full sun. During clouds, generation is less. At Night, Solar panels don’t produce electricity.
Q: How will my home get light at night? A: After the sunset, you will get electricity from the national grid.
Q: What will happen if my solar unit produces more electricity than the consumption? A: In the on-grid system, the excess electricity produced is supplied to the national grid through Net-Meter.
Q Will I still get electricity bill after installing solar panels? A: Yes, as it is on-grid system. During the nights or cloudy conditions, you have to receive electricity from the grid during therefore you will get electricity bill, but it will only what you consume from the grid.
Q: In how many days, there will be a break even? A: Generally, it takes 4-5 years for the break-even, though it depends on the solar capacity installed
Q: How do I select my EPC/installer? A: There are two choices: 1) You can choose our preferred partner, or you can go with your own choice. 2) However, the most important point while selecting an installer is that it should be MNRE registered and have a relevant experience in solar installing.
Q: I am going to take home loan + solar funding from Aavas, what will be the interest rate? A: You don’t need to worry, the interest rate will be same as the home loan rate
Q: I am the existing customer of Aavas, what will be the tenure of home loan?
A: For existing customer, maximum tenure is 7 years
Q: I am the Fresh customer of Aavas, what will be the tenure of home loan+ Solar Funding? A: Same as Parent Loan
Q: Is insurance necessary for Solar panel installing? A: Yes, it is necessary to keep the solar unit cost covered from various losses.
Q: How much is the solar maintenance cost? A: Solar panels require little or no maintenance for the 25 to 30 years. However, if something happens, most equipment manufacturers include warranties depending on the company
