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Luminous partners with IDBI Bank to make solar affordable for homes

Vishal Kawadkar

Luminous Power Technologies has announced a strategic partnership with IDBI Bank, to provide EMI (equated monthly installment) option to its consumers seeking solar power solutions for residences and small commercial establishments.

Having seen the surge in demand for residential rooftops in past few years, Luminous launched solarbyluminous.com in Delhi & NCR in March this year and will be followed up by a country-wide launch in the next few months.

Post tie-up with IDBI Bank, the consumer will have to make a nominal initial down payment and the rest will be broken up into EMIs enabling consumers to buy solar power solutions as they do other domestic gadgets.

Electricity prices are rising and eat away a significant share of the household budget. Given the fact that big electricity consuming appliances like ACs have become an integral part of everyday lives, installing a solar power system presents an ideal solution by reducing the expenditure on electricity dramatically allowing consumers to save money for other personal use.

In addition, since solar energy is a renewable and environment-friendly source of energy, it also makes good sense to include it as part of the sustainability endeavor.

Speaking on the tie-up, Mr. S. G Nadkarni, Executive Director, IDBI Bank, said, "We are extremely happy to tie-up with Luminous. We have developed simple and hassle-free policies for the customer seeking solar solutions with a nominal processing fee. With this partnership, we aim to empower consumers by giving them the financial support to make solar power as a viable alternative to conventional power sources."

Luminous Power Technologies, which recently celebrated the completion of 30 years of excellence has identified the solar sector as a growth area where it offers consumers complete end-to-end residential solar solutions. The company has grown from an inverter company to India's leading home electrical solutions providers, with a presence in over 36 countries globally.

Its vast portfolio comprises Power Backup solutions such as Home UPS, Batteries, Stabilizers and Home Electrical offerings such as Fans, LED lighting, Wires, and Switches. Today, the company has seven manufacturing units, more than 28 sales offices, and employs 6000 people in India.

Its country-wide network consists of more than 60,000 channel partners. Voted a Superbrand in 2016-2017, the company is known for superior performance, continuous improvement, operational transparency, and social responsibility.

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