Roof-top solar for residential spaces is the name of the game, and startup Zolt Energy has focussed all its energies on the market.
Founded by Abhisek Dabas, an IIM-C alumni, and Harsha Yadav, an electronics engineer, the company is keen to work with environment-conscious home-owners, who want clean energy to power their living spaces. It believes solar can be a cheaper alternative to conventional power.
According to Mr. Yadav, apart from government-linked subsidy for roof-top solar, an easy monthly payment is part of their business model to encourage home-owners to take up a clean source of energy.
An added advantage, he says, is that the consumer ends up paying lesser power bills.
The company offers loans for consumers after obtaining the clearance, which is based primarily on credit history and other factors. Funds for loans have been raised from the existing investors and a customer can chose how much down payment he/she can make, and the EMIs. “We have taken funds from investors and have the capacity to take care of 500 3KW to 5KW installations. We already have some homes working on this model. We are in talks with NBFCs to get them on board,” he says.
Touching upon government subsidy, the company said that the consumers have to register with the electricity department. A feasibility approval is taken, which is given to TSREDCO for subsidy registration. “A netmeter will be installed which records imported and exported units,” Mr. Yadav says.
A 3KW system costs ₹2.04 lakh, of which ₹60,000 is the subsidy, while a 5 KW system costs ₹3.4 lakh, of which a subsidy of ₹1.02 lakh can be availed.
“Last year, we earned ₹5 crore revenue and this year, we are on road to cross the ₹10-crore mark. We are aiming to double our revenue year on year,” Mr. Yadav says.