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​India’s New Solar Initiative PM-Surya Ghar Yojana



  Mar 01, 2024

​India’s New Solar Initiative PM-Surya Ghar Yojana



India has embarked on a substantial renewable energy journey with the Union Cabinet’s approval of the PM-Surya Ghar Muft Bijli Yojana (PM Free Electricity scheme), a groundbreaking initiative aimed at promoting rooftop solar installations across the country. With a budget of ₹75,021 crore, this scheme is designed to revolutionize how households access and utilize electricity, moving towards sustainable and renewable energy sources.

Key Features of the Scheme

Objective To provide 300 units of “free electricity” monthly to one crore households, enhancing energy security and reducing carbon footprints.

Financial Support The scheme offers substantial subsidies for the installation of rooftop solar (RTS) systems
60% subsidy for systems up to 2 kW.
40% subsidy for systems between 2 kW and 3 kW.
Higher wattage systems will not be eligible for the central subsidy, emphasizing the focus on accessible and widely beneficial installations.

Subsidy Amounts:Based on current benchmark prices, subsidies can amount to Rs.30,000 for 1 kW systems, ₹60,000 for 2 kW systems, and ₹78,000 for 3 kW systems or higher.

Application Process: Households can apply for the subsidy through a central portal, which aids in selecting a vendor for the rooftop solar system installation. The portal will provide essential information, including system sizes, benefits calculator, and vendor ratings.

Financing:For costs not covered by the subsidy, households can access collateral-free, low-interest loans (around 7% at present) for installing residential RTS systems up to 3 kW. This approach facilitates the financial viability of solar installations for a broad spectrum of the population.

Operational Mechanism:

The scheme’s innovative financial model allows for the repayment of loans through the sale of surplus power generated by the rooftop solar systems back to the grid. This mechanism not only makes the scheme financially sustainable but also encourages the generation of clean energy.

Impact and Implications:

The PM-Surya Ghar: Muft Bijli Yojana is expected to significantly contribute to India’s renewable energy goals, reducing dependency on fossil fuels and lowering greenhouse gas emissions. By facilitating the widespread adoption of rooftop solar installations, the scheme aligns with global sustainability targets and India’s commitment to the Paris Agreement.
Moreover, this initiative is anticipated to create numerous job opportunities in the renewable energy sector, contributing to economic growth and environmental sustainability.
As India takes bold steps towards a greener future, the PM-Surya Ghar Yojana stands as a testament to the country’s dedication to innovation, sustainability, and energy independence.

SRIRAM’s


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