PM Surya Ghar Yojana: Government Provides Collateral-Free Loans for Rooftop Solar Panels
PM Surya Ghar Muft Bijli Yojana, the world’s largest domestic rooftop solar programme, has broadened its horizon immensely, offering solar power to 10 lakh homes. The programme is aiming to solarize 20 lakh homes by October 2024 and plans to supply solar energy to one crore homes by March 2027.
Scheme Benefits and Financial Support
Homeowners get a subsidy of up to 40% while installing solar panels under this scheme. Jointly with 12 Public Sector Banks, the government has brought in financing solutions such as collateral-free loans of Rs.2 lakh at a subsidized rate of 6.75% interest per annum. Various other banks also lend up to Rs.6 lakh, of which the lending covers 90% of the cost. None of the documents of income need to be presented for loans from Rs.2 lakh as well. Household units eligible in this regard are also entitled to a subsidy amounting to a maximum of Rs. 78,000 in solar installations.
Eligibility Criteria for the Scheme
In order to be eligible for the PM Surya Ghar Muft Bijli Yojana, candidates have to fulfill the below-stated criteria:
- The candidate has to be a citizen of India.
- The household must possess a rooftop to which solar panels can be installed.
- An electricity connection that is valid must exist.
- No other subsidy has been received from different schemes by the applicant on solar panels.
Application Process for the Scheme
Those families who are willing to take advantage of the scheme can apply through these steps:
1. Open the official website: [https://pmsuryaghar.gov.in/]
2. Go to the Consumer Tab and click on “Apply Now” or simply click on “Consumer Login” from the Login dropdown.
3. Login through a mobile number and confirm it. Enter required information like name, state, and email ID, and save the profile.
4. Identify if a vendor is needed by choosing “Yes” or “No.”
5. Click on “Apply for Solar Rooftop,” input information like state, district, and DISCOM (electricity distribution company).
6. Upon receiving feasibility approval, select a vendor and provide bank details for subsidy processing.
The PM Surya Ghar Muft Bijli Yojana is designed to make solar energy adoption easier for households, promoting sustainable energy solutions and reducing electricity costs for millions of families across India.
