Ecofy, Mahindra Solarize Team Up For Rooftop Solar Financing, Installation

Mahindra Solarize has teamed up with Ecofy, an NBFC in a collaboration for rooftop solar financing and installation in the retail segment. This is aimed to facilitate collateral free loans for solar rooftop to accelerate green adoption.

Speaking on the impact, the CEOs of both the companies feel it would definitely reduce the electricity costs as compared to the average bill. "The solar rooftop installation should lower monthly electricity costs by about 70% for homes and businesses" said Rakesh Singh, CEO & Executive Director of Mahindra Solarize. "We are excited to partner with Ecofy as it allows us to offer our solutions to customers along with access to affordable financing. The solar rooftop market holds huge growth potential, and one can expect a total capacity addition of 18.8 GW in the next five years at an average growth rate of 40%" he further added.

Rajashree Nambiar, Co-Founder and CEO of Ecofy also feels the move can reduce the electricity bills due to government subsidy schemes for installation of solar rooftops. "The market for solar rooftops has a lot of potential, and the government is encouraging people to adopt sustainable energy at their homes and businesses. We are happy to collaborate with Mahindra Solarize and we strongly believe that our shared commitment, along with their sector expertise and cutting-edge technologies, will help us reach every Indian household. This partnership aims to install 500 solar rooftops with a credit line of Rs 50 crore." He added further.

This collaboration for rooftop solar financing and installation in the retail segment will give Ecofy access to over 50 dealers in the states of Maharashtra, Madhya Pradesh, Gujarat and Rajasthan, expanding its potential customer base by more than 5000 customers.

Promoted by Eversource Capital, Ecofy’s aims to be a catalyst in accelerating the transition towards a net zero carbon world. It partners with individuals and small businesses who want to reduce their carbon footprint. Ecofy offers loans for EV, rooftop solar and small-medium enterprises providing E2E digital experience.