Enphase Energy announced it has partnered with India-based fintech start-up Credit Fair to expand market share of its microinverter-based rooftop solar system by offering proprietary loan and financing terms for B2B and B2C projects.
This collaboration will support Enphase’s large network of solar distributors and installers across India. Customers can access the company’s premium solar solutions through Easy Monthly Rate (EMI) payments.
In recent years, Enphase has established a world-class R&D center in the Bengali city of Karnataka, where its flagship IQ Series microinverters are manufactured.
These inverters are the core component of Enphase’s high-efficiency integrated solar systems, which also integrate the IQ Gateway communication device and intelligent Enphase application in a flexible distributed architecture to provide best-in-class features such as easy expansion and real-time per-module monitoring of energy production and consumption .
Notable features like “burst mode” allow microinverters to produce high power at dawn, dusk, and in low light conditions. The company said its integrated solar systems can help customers cut their electricity bills by as much as 90% in some cases.
As a US-based solar technology company, Enphase is dedicated to the research, development and manufacture of world-class solar solutions. But in developing countries like India, insufficient funding is a major obstacle to the nationwide deployment of solar energy.
“As we continue to expand our presence in India, we believe this novel funding initiative in partnership with Credit Fair is a step in the right direction to drive customer adoption of solar energy,” said Sunil Thamaran, vice president and general manager of Enphase Energy operations in India.
“Our mutual collaboration is a hallmark of the merging of cleantech and fintech to build a green, sustainable future and create real value for installation channel partners and customers alike,” added Thamaran.
Expanding our presence in key developing countries is one of Enphase’s global expansion strategies. The company has also made great strides in South America with its microinverter Sales in Brazil after seeing a decent spike lately.