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Tata Power’s arm TPREL, has joined hands with Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Scheme.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of the Tata Group, announced its partnership with Canara Bank on Friday to promote the PM Surya Ghar Muft Bijli Yojana. In a statement, the company emphasized that the initiative aims to provide financing options to make the scheme more affordable and accessible to people.

What is PM Surya Ghar Muft Bijli Yojana?

Under this scheme, individuals can avail loans for installing solar systems at their homes:

• For Solar Systems up to 3 kW Capacity:
  A loan of up to Rs 2 lakh can be availed, requiring a 10% margin money contribution. The loan is collateral-free and comes with an interest rate of 7% per annum. The repayment tenure for this loan is up to 10 years.
• For Solar Systems Between 3 kW and 10 kW Capacity:
  Loans of up to Rs 6 lakh are available, requiring a 20% margin money contribution. This loan is also collateral-free and carries an interest rate of 10% per annum, with a maximum repayment tenure of 10 years.

PM Modi’s Vision Behind Scheme

The PM Surya Ghar Muft Bijli Yojana is a transformative initiative launched by Prime Minister Narendra Modi on February 15, 2024. The scheme aims to revolutionize India’s energy landscape by enabling households to generate free electricity through solar power, significantly reducing energy costs while promoting renewable energy adoption.

With this partnership between TPREL and Canara Bank, the scheme is set to gain further momentum, bringing sustainable energy solutions within reach of more households across India.

Tata Power On PM Surya Ghar Scheme

Tata Power on Friday said its arm Tata Power Renewable Energy Ltd (TPREL), has joined hands with Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Scheme.

This collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future, a Tata Power statement said.

As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.

“Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide,” Deepesh Nanda, CEO & Managing Director, TPREL said.

For systems with a capacity of up to 3 kW, the scheme offers loans of up to Rs 2 lakh with a 10 per cent margin money requirement, collateral-free financing, a competitive interest rate of 7 per cent per annum, and a tenure of up to 10 years.

For systems between 3 kW and 10 kW, the scheme provides loans of up to Rs 6 lakh with a 20 per cent margin money requirement, collateral-free financing, and interest rates at 10 per cent per annum, with a maximum tenure of 10 years.

“Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India’s sustainability goals,” R Anuradha, GM, Retail Assets, Canara Bank said.

The total renewables capacity of TPREL has touched 10.9 GW (PPA capacity is 8.9 GW) including 5.5 GW projects under various stages of implementation and its operational capacity is 5.4 GW, which includes 4.4 GW solar and 1 GW wind.

(With inputs from PTI)