Article from The Hindu Business Line
It is estimated to save the home-owner about Rs. 4 lakh over the 20-year-lease period. The residential lease programme, comes with zero up-front costs and fixed monthly rates lower than discoms, shielding home-owners against increasing electricity prices, with a 17 per cent savings starting on Day 1.
The 6 kW rooftop system offsets a major portion of the customer’s energy consumption. Under this solar lease programme, the home-owner will pay a fixed monthly lease to SolarTown for the 20-year term. The solar rooftop system consists of 24 solar modules and one 6 kW inverter, capable of powering all loads in the house including air conditioning and water pumps.
“SolarTown’s lease option was the obvious answer for having my own system installed, especially without any out-of-pocket costs. The biggest benefit is that my electricity monthly payments are fixed at a significantly lower rate than the Discom. For the next 20 years I do not have to worry about my power bills,” home-owner Vinoth Poddar said in a statement.
“Until now, residential solar was believed to be economical only when coupled with subsidies. With this lease model, we are making solar an affordable and practical option for residential customers across India,” Vikram Dileepan, CEO and co-founder of SolarTown, said.
Significant upfront costs have kept residential customers away from rooftop solar systems. Innovative financial options make rooftop solar a viable alternative to rising and unpredictable electricity prices.
With over 100 installations, SolarTown customers include Infosys and Renault-Nissan.