Solar EMI Calculator
Compare financing options for your solar installation. See EMIs for bank loans, NBFCs, and zero-cost schemes side by side.
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How to Calculate Solar Panel EMI
Step-by-step guide to calculating monthly EMI for solar panel financing and comparing it with electricity bill savings.
Select your system size
Choose from 1kW to 10kW based on your monthly electricity consumption. 3kW (₹1,80,000 before subsidy) is the most popular for Indian homes.
Apply PM Surya Ghar subsidy
Subtract government subsidy: 1kW gets ₹30,000, 2kW gets ₹60,000, 3kW+ gets ₹78,000. This reduces your loan principal significantly.
Choose financing type
Bank loan (8-10% p.a., lowest rate), NBFC (10-14% p.a., fastest approval), or vendor zero-cost EMI (0% for 6-12 months, limited availability).
Set loan tenure
Shorter tenure (3 years) = higher EMI but less total interest. Longer tenure (7 years) = lower EMI but more interest paid. 5 years is the sweet spot.
Compare EMI vs electricity savings
Use the calculator above to see monthly EMI alongside estimated electricity savings. For most systems, savings offset 60-90% of the EMI from day one.
Apply for your chosen loan
Bank loans: visit branch with Aadhaar, PAN, income proof, electricity bill. NBFC: apply online for faster approval in 2-5 business days.
EMI is only one view of the financials — cross-check with our Payback Calculator for the full 25-year return, the LCOE Calculator for real ₹/kWh cost, and the Subsidy Calculator to reduce your loan principal.
Frequently Asked Questions
Can I get a loan for solar panel installation?
Yes, multiple financing options are available — bank loans (SBI, PNB, BOB) at 7-12% p.a., NBFC financing (Tata Capital, Bajaj Finance) at 10-18% p.a., and zero-cost EMI schemes for 6-12 months from select vendors.
What is the typical EMI for a 3 kW solar system?
For a 3 kW system costing ~₹1.2 lakh after subsidy, a bank loan at 9.5% for 5 years gives an EMI of approximately ₹2,500/month. Your monthly electricity savings of ₹1,500-2,000 offset most of the EMI.
Is there any government subsidy on solar loans?
PM Surya Ghar 2026 provides a direct subsidy (₹30,000-₹78,000) which reduces the loan principal. Some banks also offer special green energy loan rates (1-2% lower than standard rates).
Should I pay cash or take a loan for solar?
If you have the cash, paying upfront saves interest costs. However, if interest rates are below 10%, taking a loan can make sense since your electricity savings effectively offset the EMI, making solar a self-paying asset.
What documents are needed for a solar loan?
Typically you need: Aadhaar card, PAN card, electricity bill, 3-month bank statement, income proof (salary slip or ITR), and the solar vendor's quotation. NBFCs may require fewer documents.