Orb Energy Signs Agreement with State Bank of India to Partner under SBI’s Surya Shakti Solar Finance Scheme
State Bank of India will offer solar loans to Orb Energy's customers for rooftop solar systems. This partnership aims to make solar energy more affordable and accessible, accelerating India's rooftop solar goal.
- (1888PressRelease) July 09, 2024 - 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.
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 more than 300MW now installed, and growing very fast. The SBI partnership now promises to further fuel Orb Energy’s growth, as well as provide Orb’s customers with a bigger range of options in financing their rooftop solar acquisitions.
Damian Miller, the co-founder and CEO of Orb Energy stated: “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’.”
For media inquiries, please contact:
BR Gururaj, Senior Vice President, Orb Energy. Mobile No. +91 9740721143
About Orb Energy:
Orb Energy was founded in 2006 with the mission to make solar energy affordable, accessible, and hassle-free to customers looking for a clean energy alternative. To deliver on our mission we have evolved into a vertically integrated solar company that manufactures its own range of solar panels, designs, installs, and services complete systems, and finances C&I customers. We control the process end to end to give our customers the experience that they seek. By taking this approach we have emerged as one of the top 5 rooftop solar companies in India, and are now making our presence felt in the ground-mounted solar energy market as well. Orb Energy is headquartered in Bengaluru, India, and has roughly 250 employees. We also have a subsidiary in Kenya, addressing the rooftop solar market in Africa.
Visit us: https://www.orbenergy.com/
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