Greentech Lead India: Solar investments in India got a
boost recently when the Government announced it is planning to create 1100 MW
of grid connected solar power by 2013 and 20,000 MW by 2022 under Jawaharlal
Nehru National Solar Mission (JNNSM).
The announcement has inspired several solar
manufacturers to boost investments in the country. Recently First Solar
announced it is planning to build solar farms in India, hoping to grab 20
percent of the photovoltaic sales in the country.
Despite several subsidies announced by the government to solar
firms, solar adoption is not picking up momentum in the country. Lack of
awareness and the cost concerns prevent mass adoption. Consumers are also
reluctant to switch to a new technology to support their essential needs like
lighting.
To encourage mass adoption of solar systems, Solid
Solar by Gautam Polymers, a leading solar light manufacturer in India, has
signed a memorandum of understanding (MOU) with Bank of India for
financing of solar systems through its network of banks across the
country, Economic Times reported.
Under this MOU, BOI will provide financing on solid solar
home systems and solar power plants.
Solar technology has advanced over the last decade. Now
they require less maintenance and they are long lasting. Today’s energy efficient
solar cells produce considerably higher energy than they consume.
“Bank of India is promoting use of solar energy in
rural areas by financing the individuals for purchase of Solar Home Lighting
Systems. The solar lights will replace use of kerosene, firewood etc which is
harmful for the eyes and lungs of the housewife and other family members,” said
N.C. Khulbe, general manager, Bank of India.
“Use of solar energy also reduces the carbon emission
from fossil fuels. Bank will make efforts to get the carbon credits, the amount
earned from which will be used for furthering the Solar Home Lights financing
program,” Khulbe said.
“While solar power is the cleanest form of energy, it is also the most
expensive, costing four to five times the conventional power. However, the loan
available for both residential and commercial customers will significantly
reduce the upfront out -of -pocket costs making the benefits of solar
energy system a reality,” said Shubhra Mohanka, director, Solid Solar.
Solid Solar has also tied up with NABARD for financing of
its systems through regional rural banks. The MoU with Bank of India further
strengthens the company’s network and provide affordable solar solutions to a
larger population.
editor@greentechlead.com