Business News
2 min read | Updated on March 13, 2024, 17:32 IST
SUMMARY
PM Surya Ghar Muft Bijlee Yojana will help households save electricity bills and earn additional income by selling surplus power to DISCOMs.
The scheme provides up to ₹78,000 to set up rooftop solar plants and offers free electricity for up to 300 units to one crore households.
The PM Surya Ghar Muft Bijli Yojana, with an outlay of a whopping ₹75,021 crore, was approved by the Union Cabinet last month.
The scheme provides up to ₹78,000 to set up rooftop solar plants and offers free electricity for up to 300 units to one crore households.
For setting up a 2 kilowatt (kW) rooftop solar system, the government will provide a central financial assistance (CFA) of 60% and 40% of additional system cost for systems between 2 kW and 3kW. It means that the households will get a subsidy of ₹30,000 for 1 kW systems, ₹60,000 for 2 kW systems and ₹78,000 for 3 kW systems.
Households can avail collateral-free low-interest loan products of around 7% for installation of residential RTS systems up to 3 kW.
"The interest rate has been pegged at 0.5% above the prevailing repo rate decided by the Reserve Bank of India (RBI) from time to time. In the event of the repo rate, which is 6.5% at present, getting reduced to say 5.5%, the effective interest rate for consumers will become 6% instead of the current 7%," the government said.
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