Prime Minister Narendra Modi’s initiative, formerly known as the Rooftop Solar Scheme, has been rebranded as ‘PM Surya Ghar: Free Electricity Scheme’.
This scheme promises an investment exceeding Rs 75,000 crore, offering 300 units of free electricity per month to eligible households.
To facilitate its implementation, several banks are extending loans for the installation of solar panels under this scheme.
Increased Subsidy Benefits:
The government has substantially increased the subsidy under the ‘PM Surya Ghar: Free Electricity Scheme’, raising it by a notable 67% compared to the previous rooftop solar initiative.
The enhanced subsidy amounts are incentivizing homeowners to adopt solar energy solutions.
For instance, installing a 1-KW rooftop solar system now grants a subsidy of Rs 30,000, up from Rs 18,000 in the previous scheme.
Similarly, subsidies for larger systems have also seen significant increments, offering homeowners more financial support for sustainable energy adoption.
Banks Offering Loans:
Under the PM Surya Ghar scheme, various banks are extending loans to facilitate the installation of solar panels. Here are some prominent banks and the loan details they offer:
1. State Bank of India (SBI):
Loan Purpose: Installation of a 3 KW solar rooftop system.
Loan Disbursement: The loan will be directly issued to the seller or EPC contractor after fulfilling the necessary installation conditions. Subsidy claims can be made by providing the loan account number.
Maximum Loan Amount: Rs 2 lakh.
2. Central Bank of India:
Loan Purpose: Installation of solar panels up to 3 KW.
Loan Disbursement: Similar to SBI, loans will be issued directly to the seller or EPC contractor upon fulfilling installation prerequisites. Subsidy claims require the loan account number.
Maximum Loan Amount: Rs 6 lakh.
3. Punjab National Bank:
Loan Purpose: Solar panels for installations up to 10 KW.
Loan Disbursement: Loans will be issued directly to the seller or contractor after fulfilling installation conditions, with subsidy claims facilitated by providing the loan account number.
Maximum Loan Amount: Rs 6 lakh.
4. Canara Bank:
Loan Purpose: Solar panels for installations up to 3 kilowatts.
Loan Disbursement: Similar to other banks, loans will be issued directly to the seller or contractor after fulfilling installation conditions, with subsidy claims facilitated by providing the loan account number.
Maximum Loan Amount: Up to Rs 2 lakh (with subsidy).
With these loan options from various banks, homeowners can embrace solar energy solutions with greater ease and affordability, contributing to a more sustainable future while reaping the benefits of the PM Surya Ghar Free Electricity Scheme.
