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This research paper proposes a 'solar municipal bond model' (SMB) to help India reach its 40 GW rooftop solar target by 2022. The model suggests using municipal entities as finance aggregators to provide project developers with access to debt capital markets, potentially reducing rooftop solar costs by up to 12%.

This report analyzes the potential of the third party financing model to help India reach its target of 40 GW of rooftop solar power by 2022. It identifies high upfront costs, limited debt finance, and perceived performance risks as primary barriers, and proposes specific policy changes and financial instruments to scale the industry, particularly for commercial and industrial consumers.