Overview: The Union Cabinet, under the leadership of PM Narendra Modi, has inaugurated the PM-Surya Ghar Muft Bijli Yojana on February 13, 2024. This ambitious initiative is designed to enhance solar energy adoption across India by equipping one crore households with rooftop solar panels, engaging a substantial budget of Rs. 75,021 crore.
Benefits of the Scheme:
- Households can avail free electricity up to 300 units monthly through the installation of rooftop solar systems.
- The program encourages the installation of systems up to 3 kW, with significant financial subsidies funded by the Central Financial Assistance (CFA):
- Up to 60% subsidy for a 2 kW system.
- 40% subsidy for systems between 2 kW to 3 kW.
- Subsidy amounts are categorized as follows:
- Rs 30,000 for 1 kW.
- Rs 60,000 for 2 kW.
- Rs 78,000 for 3 kW or more.
Operational Mechanism:
- A national portal has been established for application processing, vendor selection, and loan facilitation.
- The scheme supports collateral-free loans with a competitive interest rate of 7% to promote widespread uptake.
- Subsidies are directly transferred to beneficiaries’ bank accounts within 30 days of verification.
Special Provisions for Rural Areas:
- Each district will create a Model Solar Village to showcase the benefits of solar energy, thereby motivating further adoption in rural sectors.
Strategic Importance:
- This scheme aligns with India’s goal to produce 500 GW of renewable energy by 2030, emphasizing solar energy’s pivotal role in this vision.
- India’s solar capacity has significantly risen, nearly doubling from 6,510 MW in 2019-20 to 12,760 MW in 2021-22, showcasing rapid growth and adoption.
This comprehensive scheme not only aims to reduce the carbon footprint but also supports the economic stability of households through reduced electricity costs and enhanced energy reliability.
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