Oct 11, 2024
PM Muft Bijli Solar Yojana (PMSY):India's Rooftop Solar Scheme (PMSY)
PM Muft Bijli Solar Yojana (PMSY):India's Rooftop Solar Scheme (PMSY)
M Muft Bijli Solar Yojana (PMSY) scheme, with a massive budget of ₹75,000 crore, aims to install one crore rooftop solar (RTS) systems across India, marking a new chapter in the country's pursuit of clean and affordable energy.
Here's a closer look at the PMSY through some frequently asked questions:
1. What exactly is the PM Muft Bijli Solar Yojana (PMSY)?
The PMSY is a ambitious, centrally-funded scheme designed to accelerate the adoption of rooftop solar systems in India.It offers substantial subsidies to households, encouraging them to generate their own clean electricity and reduce their reliance on conventional power sources.
2. How much financial assistance can I expect under this scheme?
The PMSY provides attractive subsidies to make rooftop solar more accessible:
For systems up to 2 kW capacity: You can receive a 60% subsidy on the cost of the solar unit.
For systems between 2 kW and 3 kW capacity: You can receive a 40% subsidy on the additional system cost.
The subsidy is capped at 3 kW capacity. In simpler terms, this means you could get around ₹30,000 for a 1 kW system,₹60,000 for a 2 kW system, and ₹78,000 for a 3 kW system or higher.
3. Does this mean I'll never have to pay an electricity bill again?
While the goal is to minimize your electricity bills, the reality is a bit more nuanced. You can significantly reduce your expenses, even achieving a zero bill in some months, but it ultimately depends on your electricity consumption and the amount of solar energy your system generates.
4. How does the rooftop solar system work with the existing power grid?
Your rooftop solar system is connected to the electricity grid. The electricity you generate is fed into the grid, and you receive credit for it. This credit offsets your consumption from the grid, resulting in lower electricity bills.
5. Do I need to pay the entire cost of the system upfront?
No, the scheme facilitates access to finance. You can avail loans at attractive interest rates (7-9%) to cover the cost of installation. This makes it easier for households to adopt solar energy without a significant upfront investment.
6. What are the broader benefits of the PMSY?
The PMSY offers a range of benefits, both for individual households and the nation as a whole:
Reduced electricity bills: Households can save significantly on their electricity expenses.
Clean energy adoption: The scheme promotes the use of clean and sustainable solar energy.
Reduced dependence on power distribution companies: Households become less reliant on often overburdened power distribution companies.
Contribution to India's renewable energy goals: The PMSY is a key driver in achieving India's ambitious renewable energy targets.
Synopsis:
The PM Muft Bijli Solar Yojana is transforming India's energy landscape by promoting rooftop solar installations. With attractive subsidies, accessible financing, and a streamlined application process, the scheme empowers households to embrace solar energy. While the promise of "zero electricity bills" is enticing, the real benefit lies in the long-term savings, reduced carbon footprint, and contribution to a more sustainable energy future.