Tata Power Renewable Energy Limited (TPREL) has recently entered into a significant agreement with Canara Bank.
This partnership aims to promote the Pradhan Mantri Surya Ghar Free Electricity Scheme.
The primary goal of this initiative is to encourage the use of solar energy and make the scheme more affordable for people.
Affordable Financial Assistance to Boost Solar Energy Adoption
As part of the agreement between TPREL and Canara Bank, people can access affordable financial assistance to install solar power systems under the PM Surya Ghar Yojana.
This scheme offers loans of up to Rs 2 lakh for solar systems with a capacity of up to 3 kW.
Additionally, a 10 percent margin money contribution is required. The loan will have an interest rate of 7 percent and a maximum repayment period of 10 years.
Loan will increase for Larger Solar Systems
For solar systems with a capacity between 3 kW and 10 kW, a loan of up to Rs 6 lakh can be availed under this scheme. A 20 percent margin money contribution will be required.
The loan will have an interest rate of 10 percent, with a maximum repayment period of 10 years.
Tata Power Aims to Promote Clean Energy
Dipesh Nanda, CEO and Managing Director of TPREL, commented on the initiative, saying, “This step reinforces our commitment to promoting the widespread use of solar energy in India.”
He added that by offering affordable financing options under the PM Surya Ghar Yojana, Tata Power aims to make clean energy solutions accessible to every household and support India’s renewable energy goals.
Importance of PM Surya Ghar Yojana
On February 15, 2024, Prime Minister Narendra Modi launched the PM Surya Ghar Free Electricity Scheme.
The scheme aims to provide affordable and clean electricity to poor and middle-class families.
Its goal is to transform India’s energy landscape and connect every home with clean energy.
Influence of Tata Power
TPREL currently serves over 1 lakh solar rooftop customers and offers renewable energy solutions to residential, commercial, industrial, and large enterprises.
With this new agreement, Tata Power and Canara Bank aim to create a revolution in solar energy in India.
This initiative is a significant step in promoting solar energy and ensuring the success of the PM Surya Ghar Yojana.
