Hyderabad , India
SolarTown Energy Solutions Pvt. Ltd. (SolarTown), a pioneer in India’s solar industry specializing in the sale, lease and installation of solar rooftop systems for residential, commercial and industrial customers, is pleased to announce the installation of a solar rooftop system on a 2,400 square foot multi-level residential property located in Filmnagar, Hyderabad that is estimated to save the homeowner about Rs.4 lakhs over the 20 year lease period. The solar system is part of a first-of-its-kind residential lease program in India by SolarTown with zero up-front costs and fixed monthly rates lower than DISCOMs, shielding homeowners against increasing electricity prices, with a 17 percent savings starting on day one.
The 6 kW rooftop systems offset a major portion of the customer’s energy consumption. Currently, residential customers with power usage greater than 400 units, which can be typical for residences larger than 800 square feet with high consumption appliances such as air-conditioning systems, pay Rs.8.5 per unit for electricity in Hyderabad with rates increasing at approximately six percent per year. Under this solar lease program, the homeowner 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. Though it utilizes the entire roof of the residence, the unique racking system used for the installation elevates the solar panels, creating a canopy that stands 10 meters above the roof, freeing valuable roof space for other uses.
“My electric bill had been unreasonably expensive when I was purchasing solely from the DISCOM and I would often receive exorbitant and unpredictable rate hikes. I had considered going solar for quite some time but the upfront costs were just too high. 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,” commented the homeowner, Vinoth Poddar.
“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,” said Vikram Dileepan, CEO and co-founder of SolarTown.
Significant upfront costs have kept residential customers away from rooftop solar systems. SolarTown’s new innovative financial options make rooftop solar a viable, affordable alternative to rising and unpredictable electricity prices. SolarTown offers its customers peace of mind through low, predictable energy costs over the term of the lease. SolarTown has a performance guarantee along with a worry-free O&M service included with all its solar installations, covering any required repairs and replacement parts during the 20-year term.