Hyderabad Solar Firm Freyr Energy Marks 10 Years, Scales to 18,000 Customers

In June 2024, Hyderabad-based solar firm Freyr Energy marked its tenth anniversary, celebrating a decade of scaling residential rooftop solar energy across India. Co-founded in 2014 by Radhika Choudary and Saurabh Marda, the company has grown to become the country's third-largest organised residential rooftop solar player.

Over the past ten years, the company has built a customer base of more than 18,000 homeowners. It has secured Ministry of New and Renewable Energy (MNRE) empanelment, launched physical experience centres across 10 cities, introduced India’s first self-cleaning solar system, and developed a dedicated mobile application to assist customers with financing and support.

Reflecting on the company’s journey, Choudary noted that the solar landscape has transformed significantly since 2014. When Freyr Energy started, a megawatt of solar required an investment of approximately Rs 60 crore, whereas today it costs roughly Rs 3.5 crore. Additionally, payback periods for residential installations have decreased from four to five years to between three and three-and-a-half years.

Freyr Energy currently operates in 40 to 45 cities, with plans to expand its footprint to 100 cities. The company is the top solar player in Telangana and ranks second nationally among over 20,000 solar vendors.

To compete with local vendors in tier-two and tier-three markets, such as Karimnagar and Warangal in Telangana, the firm established offline Solar Experience Centres. These physical locations are designed to build long-term trust with consumers making a 25-year purchase decision.

Choudary explained that economic benefits, rather than environmental concerns, remain the primary driver for residential solar adoption. Homeowners can drastically reduce their monthly electricity bills, paying only minimum charges.

Addressing common consumer hesitations, Choudary clarified that government solar subsidies are reliable and typically arrive within 30 to 45 days, with Freyr Energy managing the paperwork. She also noted that solar panels continue to generate power during the monsoon season, aligning well with seasonal energy demands.