Commercial and industrial rooftop solar
A factory, office or warehouse roof in Delhi NCR or Uttar Pradesh pays for its solar plant in under four years on Verde Solaire's published model: a 200 kW plant at ₹41,000 per kW costs ₹82 lakh, generates 1,500 units per kW a year, and at a tariff of ₹7.50 per unit saves ₹23 lakh a year, giving a payback of 3.87 years with a loan and a project internal rate of return (IRR) of about 34%. That is the model the company published on its commercial savings pages in May and June 2023, and it is labelled as that model throughout.
The rest of this page shows the model with and without a loan, the plants Verde Solaire has actually built, how a business pays for one, and how it connects to the grid in Delhi, Uttar Pradesh and Haryana. Verde Solaire has delivered more than 50 MW of solar projects and has built commercial installations up to 16 MW; it is registered with IOCL, UHBVN, DHBVN, CEL, IPGCL, BRPL and CREST for solar power plant installations.
The published 200 kW model
The May 2023 savings pages for Noida and Delhi run the same 200 kW plant twice: once paid entirely from the company's own funds, and once with 75% of the cost borrowed for five years at 9.25%. Both runs use the same inputs: 1,500 units per kW a year, a contracted tariff of ₹7.50 per unit, a 25-year project life, and a project cost of ₹82 lakh.
| Published input or result (2023 model) | Own funds only | 75% loan over five years |
|---|---|---|
| Total project cost | ₹82 lakh | ₹82 lakh |
| Debt | none | ₹62 lakh |
| Equity | ₹82 lakh | ₹20 lakh |
| Annual saving on the electricity bill | ₹23 lakh | ₹23 lakh |
| Annual loan instalments | none | ₹17 lakh |
| Project IRR | 31.66% | 33.94% |
| Equity IRR | 31.66% | 59.85% |
| Project payback | 4.09 years | 3.87 years |
The point the pages make is that the annual instalment is smaller than the annual saving, so a financed plant is cash-positive from its first year, and the return on the owner's own money is higher because most of the cost is the lender's.
Three things have changed since. GST on solar cells, modules and solar power devices is now 5% (since 22 September 2025, down from 12%). Module prices and commercial tariffs have both moved. And for net-metering projects commissioned from 1 June 2026, the cells must be on the ALMM List-II, the Approved List of Models and Manufacturers. The commercial payback calculator reruns the arithmetic with your own tariff, load, capital cost and loan terms; the 2023 table is a worked example, not a quote.
Jindal Prefab, Dharuhera: 430 kW, almost entirely on loan
The model is not only on paper. Verde Solaire's largest published factory plant is 430 kW at Jindal Prefab in Dharuhera, Haryana, announced on 30 March 2023 and built with Adani modules, Havells inverters, a module cleaning system and walkways between the rows. SIDBI, the Small Industries Development Bank of India, financed around 95% of the project cost over seven years. The company's June 2023 page says Jindal Prefab pays the instalment out of the reduction in its electricity bill and still saves each month, that the plant is debt-free once the seven-year loan is repaid, and that the small equity share was recovered through accelerated depreciation in the first year.
The full published record is on the Dharuhera project page.
Paying for it: own funds, a loan, and the tax treatment
Capex. The business buys the plant, owns it from the first day and keeps the whole saving. On the 2023 model that is a payback of just over four years, after which every unit the roof produces has no fuel cost. The company's June 2024 post puts the typical commercial and industrial payback at two to four years, against three to five for homes.
Financed. Verde Solaire has tie-ups with SIDBI, SBI and other NBFCs for collateral-free solar loans. The June 2023 page's argument for borrowing is that many businesses do not want to pull cash out of their operations, and a loan sized so that the instalment sits below the bill saving lets the plant pay for itself. For micro, small and medium enterprises (MSMEs) in manufacturing, the company published in June 2023 that YES Bank had launched YES KIRAN, a six-year term loan with a six-month moratorium for rooftop or ground-mounted plants that supply the manufacturer's own consumption. The cap, rate and eligibility are the bank's and change; the solar loan page covers the application, and the EMI calculator takes any rate and tenure.
Accelerated depreciation. Verde Solaire's savings pages describe accelerated depreciation as a tax benefit for businesses that own a solar plant, and the June 2023 page quotes a 40% rate. Depreciation rates are set under the Income Tax Act and depend on when the plant is put to use and on your company's tax position, so confirm the current rate with your chartered accountant before counting it in the payback.
GST. GST on solar equipment is 5% (since 22 September 2025, down from 12%). A GST-registered business may be able to take input tax credit on the plant; whether it can depends on how the plant is used and on its registration, which is again a question for your accountant, not an installer.
Connecting the plant: net metering, net feed-in and zero-export
How the plant connects decides what happens to the units the site does not use at the moment they are generated. Which arrangement applies depends on the state and the electricity board.
Zero-export. A zero-export device measures the site load and holds the inverters at or below it, so no solar power flows out to the grid. Verde Solaire's 200 kW plant at Jama Corporation, Kanpur, was connected this way because, as the published case study says, Uttar Pradesh did not have net metering for that connection at the time. For a factory that runs through the day the limit costs little, because most of the output is used as it is made.
Net feed-in in Uttar Pradesh. On 13 May 2023 Verde Solaire posted that the Uttar Pradesh Electricity Regulatory Commission (UPERC) had approved a net feed-in process for rooftop solar, under an order dated 20 March 2023, with exported units paid at the weighted average tariff of large solar projects of 5 MW and above plus a 25% incentive, and expected commercial and industrial installations in the state to rise as a result. Under the Third Amendment of the UPERC rooftop regulations, the compensation for injected units is the weighted-average large-solar tariff plus 25% (Third Amendment, in force from July 2025).
Not yet official. Read through a secondary summary; the gazette text was not checked.
Net metering in Delhi. Delhi's rules are the Delhi Electricity Regulatory Commission (DERC) net-metering regulations. For a connection above 10 kW the July 2026 guidelines set a connection timeline of 25 days, and credits roll over month to month, and any surplus left at the end of the financial year is paid at the DISCOM's average power purchase cost. The board-by-board detail, including the BSES and Tata Power-DDL portals, is on the net-metering guide.
Haryana. The 110 kW plant at Marwar Carpets, Panipat, is grid-connected, and the case study records that the factory exported its solar units to the grid while it was shut during the Covid restrictions. UHBVN and DHBVN, the two Haryana boards, are among the registrations listed above.
Diesel generator synchronisation. A standard on-grid inverter shuts down when the grid drops, which is exactly when a factory is running its generators. DG sync lets the solar plant run alongside them and hold its share of the load. Jama Corporation's plant was built with it; its owner, Rajiv Jalan, wrote that "this solar plant was installed with DG sync and we are able to save hugely on our electricity bills".
What Verde Solaire has built for businesses
Every plant below has its own page on this site, which also lists what was not published.
| Site | Capacity | Published detail |
|---|---|---|
| Jindal Prefab, Dharuhera | 430 kW | Adani modules, Havells inverters, about 95% SIDBI finance over seven years |
| Jama Corporation, Kanpur | 200 kW | 598 Waaree modules, three Delta 70 kW inverters, 289,345 units a year, zero-export, DG sync |
| Marwar Carpets, Panipat | 110 kW | 334 Vikram modules, Schneider inverters, 159,417 units a year, grid-connected |
| Patna division | 170 kW | Won on the customer's tender; "working well and is giving desired generation" |
| C-MET, Pune | 147 kW | CPWD order, Emmvee modules, Delta inverter |
The two full case studies give measured yields of about 1,447 units per kW a year at Kanpur and 1,449 at Panipat, close to the 1,500 the 2023 model assumes before any allowance for dust. They also give the published saving per unit: about ₹7.35 at Kanpur and ₹7.85 at Panipat, both rising as the tariff rises.
Nikunj Aggarwal of Marwar Carpets gave the factory order after Verde Solaire had installed a plant at his New Delhi home, "when I started getting lower electricity bill at my residence", and wrote that "the company completed the work in record time with high quality solar panels from Vikram and solar inverters from Schneider".
Petrol pumps. Verde Solaire is registered with Indian Oil for solar plants at petrol pumps, and its April 2024 post adds a Bharat Petroleum registration, noting that the oil companies had asked their fuel stations to put up solar.
Referrals of factory, commercial and institutional sites of 50 kW minimum for factory, commercial and institutional referrals (pan-India) qualify for the referral programme.
What the site survey settles
Whether the published figures hold for your roof comes down to four things measured on site. Verde Solaire's published offer is a free site evaluation and no-obligation proposal.
- Load profile. Units used by hour and by season. A plant sized to the daytime load works behind a zero-export device; a larger plant needs net metering or net feed-in to earn on the surplus.
- Roof. Shadow-free area, the structure it sits on, and room for walkways and cleaning. The two case studies used about 95 square feet per kW with 330 to 335 Wp modules; higher-wattage modules need less.
- Connection. Sanctioned load, the board's rules for the connection type, and the transformer capacity the board will allow.
- Tariff. The saving per unit is the tariff you actually pay, including surcharges, which is why the two published sites differ.
Assumptions and limits
- The 200 kW model is Verde Solaire's, from pages dated 4 May 2023 and 2 June 2023, with inputs and results as published. It has not been updated for 2026 prices, tariffs or the GST change.
- Dharuhera financing is as published by Verde Solaire; the loan amount, rate and project cost were not published.
- YES KIRAN is as described in Verde Solaire's June 2023 post; current availability and terms are YES Bank's.
- Accelerated depreciation and GST input credit are tax matters; the page reports what the company published and does not give tax advice.
- The UPERC injection compensation was read through a secondary summary; the gazette text was not checked.
- Measured yields per kW are derived from the published annual yields and capacities of the two case studies.
Questions people ask
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