Chennai, India-based solar rooftop installer SolarTown Energy Solutions recently said it has installed solar rooftop systems with energy storage capabilities at an initial 10 branches of RBL Bank, a private sector bank in India with more than 180 locations.
While Prime Minister Narendra Modi has outlined a vision for increasing India’s renewable energy capacity from 30 GW to 175 GW, including an increase in solar power generation from 20 GW to 100 GW, the country still lacks public financing mechanisms that would encourage development of distributed energy systems for solar and energy storage.
According to SolarTown, it is one of the first solar installers in India to offer zero-down leases for residential and commercial customers in the 1 kW to 300 kW size. RBL Bank entered into a no up front costs, 10-year lease agreement with SolarTown. The installations will enable an uninterrupted supply of clean power at a fixed cost over the length of the lease, SolarTown said.
SolarTown said that each of the 10 RBL Bank branches features a minimum 3 kW system that will offset part of the business’ energy consumption. The company installed the rooftop solar power systems, which include inverters and batteries, as a backup for brownouts.
“It’s a privilege to provide our solar PV systems to one of the fastest growing commercial banks in India,” Vikram Dileepan, CEO of SolarTown, said in a statement. “It gives us immense satisfaction to know RBL Bank will generate clean power and also save on electricity costs.”