Tata Power Solar Systems Partners with Bank of India to Boost Financing for Rooftop Solar and EV Charging Stations

Tata Power Solar Systems Ltd (TPSSL) has announced a landmark partnership with Bank of India (BOI) to streamline financing for rooftop solar installations and the establishment of electric vehicle (EV) charging stations. This collaboration positions Tata Power Solar as the first solar company to team up with BOI for dual financing, underscoring its leadership in green energy solutions.

This alliance aligns with the government’s initiatives to promote rooftop solar installations, catering to a broad customer base including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). The PM Surya Ghar Yojana offers residential customers loans up to Rs 2 lakh for solar systems up to 3 KW with a minimal 5% margin money requirement. These loans feature a competitive interest rate of 7.10% per annum, are collateral-free, and have a tenure of up to 10 years.

For larger installations ranging from 3 KW to 10 KW, customers can access loans up to Rs 6 lakh with a similar 5% margin requirement. Interest rates for these loans vary from 8.3% to 10.25% per annum, also collateral-free with a 10-year tenure.

Additionally, registered housing societies and residential welfare associations can secure loans up to Rs 1 crore with a 10% margin money requirement. UDYAM-registered MSMEs aiming to set up rooftop solar systems or EV charging stations can avail loans up to Rs 30 crore. These loans are offered at attractive interest rates starting from 9.35% per annum with a 15% margin requirement, featuring collateral-free options and a repayment tenure of up to 120 months. Borrowers can also benefit from the MSE-GIFT (Green Investment & Financing for Transformation) interest subvention under this loan offering.

This strategic partnership between Tata Power Solar and BOI marks a significant step in advancing India's green energy infrastructure and facilitating easier access to sustainable energy solutions for a wide range of consumers.