Luminous has been on-boarded by SBI as its recommended partner in its dedicated portal for solar loans.

The partnership will facilitate loans of up to ₹10 Cr to consumer across commercial and industrial sectors.

Bengaluru, March 27, 2025: In an important step towards accelerating solar adoption in the country, Luminous Power Technologies, India’s leading solar energy solutions company, has signed a memorandum of understanding (MoU) with India’s largest national bank, the State Bank of India (SBI) to expand its access to solar financing for citizens all over India. By partnering with SBI, India’s largest lender with an extensive distribution network of over 22000 branches, Luminous aims to streamline the consumer journey from financing to installation, ensuring a hassle-free transition to solar energy.

Luminous alliance with SBI will be a long-standing partnership spanning over next two decades. As part of the partnership, Luminous has been on-boarded by SBI as its recommended partner in its dedicated portal for solar loans. Furthermore, the partnership extends across various financing subcategories, including solar solution finance and supply chain finance, ensuring accessible and tailored financial solutions for diverse energy needs. Covering all segments MSME, corporate, institutional, commercial and industrial, the collaboration strengthens financial support for sustainable energy adoption.

Under the agreement, loans of up to ₹10 crore will be made available to eligible Customers across all sectors, eliminating financial barriers to solar adoption. Customers will also benefit from reduction in loan processing fees and enjoy a special rate of interest on the loaned amount, making it the most competitive financing option in the market. The loans disbursed will be for a duration ranging up to 10 years, and interest rates will be charged based on the customer credit profile, with the maximum loan value that can be availed being ₹10Cr.

Speaking about the partnership, Preeti Bajaj, CEO & MD, Luminous Power Technologies, said, “We are excited to partner with the State Bank of India in facilitating solar financing and end-to-end solar installation and service support to consumers across commercial and industrial verticals. Last year, we had identified solar financing as a key gap area in our nationwide survey, the Solar Spectrum of India. Acting on the insight, this collaboration will empower people to transition to sustainable solar energy solutions, marking a crucial step in bridging the gap between solar aspirations and affordability. By integrating financing seamlessly into the solar journey, we are enabling more individuals and businesses to adopt clean energy with ease and confidence.”

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Bengaluru, 12^th November 2024: A survey conducted by Luminous Power Technologies titled ‘Solar Spectrum of New India’ revealed that while there is significant awareness and enthusiasm about solar energy solutions in the ‘Silicon Valley of India’- Bengaluru, certain challenges are slowing down widespread adoption.

According to the survey, 72.13% of respondents rated their knowledge of solar energy solutions as high, reflecting a strong understanding of the benefits of solar energy in the city. However, only 8.31% of respondents currently have solar rooftop systems installed, indicating untapped potential in Bengaluru’s residential and commercial sectors.

Sharing her perspective about the findings, Ms. Preeti Bajaj, MD & CEO of Luminous Power Technologies, said, “As our recent survey, Solar Spectrum of New India, reveals, Bengaluru is making strides in solar energy awareness, with 72.13% of respondents showcasing high knowledge levels about solar energy solutions. However, it’s clear that there are barriers we need to address, such as initial installation costs and the perception that the city’s weather might not be ideal for solar rooftop systems. At Luminous Power Technologies, we are committed to making solar energy accessible and affordable, while also focusing on skill development to create a stronger, greener future for Bengaluru and the nation.”

Environmental benefits were widely acknowledged, with 65.28% of respondents recognizing solar energy as an environmentally friendly solution. However, initial installation costs remain a major concern for 82.35% of respondents who have installed solar systems, echoing a common sentiment across the city. Additionally, 46.94% of respondents perceive high upfront costs as a barrier to adopting solar energy.

Despite the growing accessibility of solar solutions, with 58.92% of respondents noting their availability, challenges such as weather conditions were highlighted, with 74.57% believing that Bengaluru may not offer ideal weather for solar rooftop systems.

One of the key challenges identified in the sector is the lack of awareness about career opportunities in the solar industry, as noted by 62.84% of respondents. This was closely followed by limited specialized training programs, with 24.21% highlighting the need for better education in this field. Respondents believe that stronger collaboration between the industry and educational institutions, supported by 44.50%, will be key to addressing this skills gap.

Luminous Power Technologies continues to drive innovation in energy solutions, and this survey highlights both the opportunities and the areas that need attention to accelerate solar adoption in Bengaluru. The company remains committed to supporting India’s transition to clean energy and will continue to invest in research, innovation, and partnerships to make solar energy solutions more accessible, affordable, and widely adopted.

Luminous has partnered with NBFCs like Ecofy and a leading fintech lender Credit Fair to offer affordable solar financing options to individuals, trust-run institutions, housing societies, and small and medium industries for installing clean energy systems. Luminous as part of their CSR project “Solar PV Installation Training” is also upskilling men and women across India to become solar technicians. The 400-hour course aims to provide a lucrative job avenue to the unemployed youth through development of industry-competent skills. It has been active in the states of Himachal Pradesh, Odisha, Karnataka (Bengaluru), Jammu, Haryana (Kaithal), Maharashtra (Nagpur) and Sikkim (Rangpo). The trainees, upon completion, are being provided a Skill Certificate from NSDC (National Skill Development Corporation).

Methodology

The report is based on interviews with 4,318 respondents amongst four age cohorts as mentioned below across 5 metros: Bangalore, Delhi, Hyderabad, Kolkata, Mumbai and 8 non-metros: Ahmedabad, Chandigarh, Gurugram, Guwahati, Jaipur, Kochi, Lucknow, Patna conducted between February 2024 to March 2024.

A random sample of 4258 respondents in the four age cohorts; Gen Z (age 18-22) Millennials (age 23-38) Gen X (age 39-54) & baby boomers (age 55-76) were interviewed, out of which 91 respondents were found to have solar rooftop systems. In addition to this, 60 qualified respondents of solar rooftop owners were surveyed from 3 cities of high usership.  All the findings from our survey are supported by extensive secondary research across the country.

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