Orb Energy Partners with State Bank of India to Boost Rooftop Solar Adoption

Partnership unlocks low-cost financing for residential, commercial, and industrial customers.

Solar solutions provider Orb Energy announced a significant partnership with the State Bank of India (SBI) today. This agreement designates Orb Energy as an approved vendor under SBI’s Surya Shakti Solar Finance Scheme.

Launched by India’s largest lender, the Surya Shakti scheme aims to expand financing options for solar power projects. Through this collaboration, SBI will offer solar loans to Orb Energy’s residential, commercial, and industrial customers, facilitating the installation of rooftop solar systems.

“Signing with the State Bank of India is a tremendous milestone for Orb Energy and its customers,” said Damian Miller, Co-Founder and CEO of Orb Energy. “We look forward to enabling more of our customers to benefit from SBI’s low-cost, innovative financing for rooftop solar, further supporting SBI’s hugely beneficial ‘Surya Shakti Solar Finance Scheme.'”

Under the agreement, SBI will offer:

  • Loans up to Rs. 10 crores for commercial and industrial customers, with a minimum down payment of 20% and extended tenures.
  • Loans up to Rs. 10 lakhs for residential customers for solar system installation.

This partnership is expected to significantly boost rooftop solar adoption in India, aligning with the government’s ambitious goal of achieving 100 GW of rooftop solar by 2030.

“Finance is critical to the rapid uptake of rooftop solar systems,” the statement highlighted. “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, a pioneer in India’s rooftop solar industry, has consistently ranked among the top 5 rooftop providers by CRISIL (Bridge to India), with over 300 MW currently installed and experiencing rapid growth. The SBI partnership promises to further accelerate Orb Energy’s expansion while offering its customers a wider range of options for financing their rooftop solar needs.