Cabinet approves rooftop solar subsidy scheme at an outlay of US$ 9.1 billion (Rs. 75,021 crore)
- IBEF
- March 1, 2024
The cabinet recently approved the PM Surya Ghar Muft Bijli Yojana, a scheme allocating US$ 9.1 billion (Rs. 75,021 crore) to install rooftop solar panels in one crore households. Launched on February 13, 2024, the initiative offers central financial assistance, with subsidies ranging from US$ 361.92 (Rs. 30,000) for 1 kW systems to US$ 940.99 (Rs. 78,000) for 3 kW systems or higher. Households can apply for subsidies through a national portal, choose installation vendors, and access collateral-free, low-interest loans. Model Solar Villages in each district will serve as examples for rural areas. The integrated National Online Portal aims to streamline the process, and incentives for urban local bodies and panchayats will promote the scheme at the grassroots level. Solar energy is pivotal to India's goal of achieving 500 GW of renewable energy by 2030, with rooftop solar playing a crucial role in consumer benefits, cost reduction, and energy security, according to Neeraj Kuldeep from the Council on Energy, Environment, and Water. Solar capacity additions have significantly increased, nearly doubling from 6,510 MW in 2019-20 to 12,760 MW in 2021-22.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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