Making Solar Bankable: SolarTown Installs Solar PV Rooftop Systems at RBL Bank Branches
SolarTown Energy Solutions Pvt. Ltd. a pioneer in India’s solar industry specializing in the sale, lease and installation of solar rooftop systems for residential, commercial and industrial customers, announces the installation of solar rooftop systems at an initial ten branches of RBL Bank, one of India’s fastest growing private sector banks, with more than 180 branch locations throughout India. RBL Bank, formerly known as The Ratnakar Bank Limited, is estimated to save ₹146,000 annually by opting for solar PV rooftop systems at ten of its sites. Each branch will feature a minimum 3 kW system which will offset a major part of the business’ energy consumption and more than 70 tonnes of carbon dioxide over the lifetime of the solar installation.
RBL Bank entered into a no upfront 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, which also includes maintenance services. SolarTown installed the rooftop solar power systems including inverters and batteries, as a backup for brownouts.
SolarTown is one of the first to offer a zero-down lease and unique purchase options for residential and commercial customers in the 1 kW to 300 kW size in India, ideal for homes and small commercial buildings with monthly usage between 400 kWh and 40,000 kWh. SolarTown’s solar PV rooftop systems completely eliminate the dependence on diesel-based generators, the hassle of maintaining the systems, and pollution derived from burning diesel fuels. The fixed monthly lease option, lower than DISCOM rates, shields the customer against increasing electricity and diesel prices. SolarTown’s lease option makes solar PV systems highly accessible and empowers customers to take control of their power generation without straining their bottom line.
“It’s a privilege to provide our solar PV systems to one of the fastest growing commercial banks in India,” said Vikram Dileepan, founder and CEO of SolarTown. “It gives us immense satisfaction to know RBL Bank will generate clean power and also save on electricity costs.”