New Delhi, Dec 20
Tata Power Renewable Energy Limited (TPREL), part of the Tata Group, has partnered with Canara Bank to encourage the use of rooftop solar systems under the PM Surya Ghar Muft Bijli Yojana.
This initiative helps households install rooftop solar systems by offering easy and affordable financing options.
Here’s how it works:
1. For small systems (up to 3 kW):
o Loan amount: Up to ₹2 lakh
o Down payment: 10%
o No collateral needed
o Interest rate: 7% per year
o Loan period: Up to 10 years
2. For larger systems (3 kW to 10 kW):
o Loan amount: Up to ₹6 lakh
o Down payment: 20%
o No collateral needed
o Interest rate: 10% per year
o Loan period: Up to 10 years
This scheme makes it easier for families to switch to solar energy and reduce electricity costs.
“This initiative is a step toward Tata Power Renewable Energy Limited’s goal of making solar energy widely accessible in India,” said Deepesh Nanda, CEO and Managing Director of TPREL.
By providing affordable loans through the PM Surya Ghar Scheme, “we aim to help every household switch to clean energy, building a greener future and supporting India’s renewable energy targets,” he added.
TPREL has already installed rooftop solar systems for over 100,000 customers. The company offers customized solar solutions for various groups, including homes, small businesses (MSMEs), large companies, and industrial setups, showing its dedication to meeting different energy needs.
“Canara Bank is proud to partner with Tata Power Renewable Energy Limited to support the PM Surya Ghar Scheme,” said R. Anuradha, General Manager of Retail Assets, Canara Bank.
The PM Surya Ghar Muft Bijli Yojana, launched by Prime Minister Narendra Modi on February 15, 2024, is a game-changing initiative. It aims to provide free electricity to households by promoting solar energy adoption.
The scheme’s goal is to bring solar power to 10 lakh households by March 2025 and expand to 1 crore households by March 2027, transforming India’s energy future and empowering millions of families.
