V-Guard signs MoU with ESAF Bank to finance Rooftop Solar Systems
Chennai, 2023: V-Guard Industries Ltd, a leading electronics and electrical manufacturer, has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to provide financing options to customers looking to install V-Guard’s Solar Rooftop Power System. Under the agreement, ESAF Bank will provide various financing options, including loans and attractive installment payment plans. With the strategic alliance with ESAF Bank, consumers can opt to finance up to 80 percent of the total cost of the rooftop solar power system, including the cost of installation for residential or commercial applications. This collaboration will not only reduce the burden on customers to make an upfront payment but also enable them to generate their own electricity, thereby reducing their dependence on the grid. This partnership will enable customers to switch to clean energy with ease and affordability.
Commenting on the partnership, Mr. Mithun Chittilappilly, Managing Director, V-Guard Industries Ltd., said, “We are excited to partner with ESAF Bank, which shares our vision of making clean energy accessible and affordable to all. With the increased focus on sustainability and the need for cost-effective solutions, Rooftop Solar Power Systems have become an attractive option for consumers. This collaboration will help us reach more customers, who can benefit from our high-quality solar products and ESAF Bank’s affordable financing options.”
Mr. Hari Velloor, Executive Vice President, Business, at ESAF Small Finance Bank, said, “We are delighted to partner with V-Guard, a company that has been at the forefront of innovation and sustainability. This partnership will enable us to provide financing options to customers looking to switch to clean energy and contribute to a greener tomorrow. At ESAF Bank, we believe that sustainable development is key to building a better future, and this collaboration is a step towards achieving that goal.”
V-Guard’s Rooftop Solar Systems come with up to 40 percent subsidy from the Ministry of New and Renewable Energy. The solar panels have 25-30 years of onsite warranty. Customers can choose from an extensive range of models from 3- 15 KW depending on their requirements. 1 KW plant can generate 4-5 units of electricity on a sunny day.