Amidst growing concerns over escalating electricity bills and environmental impact, the PM Surya Ghar Muft Bijli Yojana (PM-SGBMY), popularly known as the Rooftop Solar Scheme, emerges as a beacon of hope for households across India. This transformative initiative spearheaded by Prime Minister Narendra Modi aims to revolutionize energy consumption patterns by promoting the adoption of clean, sustainable solar power.
Introduced by Finance Minister Nirmala Sitharaman in the 2024-25 budget, the Rooftop Solar Scheme is designed to facilitate the installation of solar panels in one crore households nationwide. Central to the scheme’s success is its provision of substantial subsidies directly to bank accounts and the availability of attractive bank loans, ensuring financial accessibility for citizens.
Under the PM Surya Ghar Muft Bijli Yojana, households consuming more than 300 units of electricity per month or requiring larger solar systems exceeding 3 KW are eligible for significant subsidies of up to Rs. 78,000. The scheme offers subsidies of Rs. 30,000 per KW for solar panels up to 2 KW and Rs. 18,000 per KW for panels up to 3 KW, making solar power installations more affordable for eligible households.
In addition to subsidies, households can benefit from low-interest loan options provided by various banks participating in the scheme. These loans, devoid of collateral requirements, feature interest rates set at 0.5% higher than the prevailing repo rate, ensuring affordability and flexibility for borrowers. As the repo rate fluctuates, so does the effective interest rate, ensuring that consumers can avail themselves of favorable lending terms.
Prominent banks such as State Bank of India, Central Bank of India, Punjab National Bank, Canara Bank, and Union Bank of India offer loans ranging from Rs. 2 lakh to Rs. 6 lakh, depending on the capacity of the solar rooftop installation. Disbursements are made directly to vendors or EPC contractors upon completion of necessary feasibility assessments, as per Ministry of New and Renewable Energy (MNRE) guidelines.
For detailed information and a comprehensive list of participating banks, interested individuals can visit the official PM Surya Ghar Muft Bijli Yojana website. By facilitating the adoption of solar energy, this initiative not only empowers households to reduce their energy costs but also encourages environmentally sustainable practices, contributing to India’s broader renewable energy goals.
