Lets take example of 2kWp Solar System generating 240 units per month for a consumer having electricity bill of Rs. 1600/month.
Off-grid solar with battery backup of 8 units/day:
- Capital Cost- Rs. 2,20,000
- Down-payment-Rs. 55,000
- Loan Amount-Rs. 1,65,000
- Loan tenure: 7 years
- Interest: base rate+ 1.75% = 8.5+1.75 =10.25%
- EMI: Rs.2761 >>> 1600
On grid solar with net metering:
- Capital Cost- Rs. 1,30,000
- Down-payment-Rs. 32,500
- Loan Amount-Rs. 97,500
- Loan tenure: 7 years
- Interest: base rate+ 1.75% = 8.5+1.75 =10.25%
- EMI: Rs.1631 ~ 1600
Net metering is allowed in Rajasthan, Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Delhi, Telangana, Andhra Pradesh, Karnataka, Tamilnadu, Kerala, Punjab, Uttarakhand, chhattisgarh, Pudducherry
In nutshell,
In the regions permitting on grid solar with net metering,
EMI of solar equipment loan comes out to be equal or less than the electricity utility bill for
consumers having Rs. 7 & above as electricity billing rate (electricity bill/ consumed units*)
*Consumed units in your last month’s bill is the difference in meter reading between last 2 months.