The Prime Minister, Mr. Narendra Modi, led a meeting of the Union Cabinet and approved PM-Surya Ghar: Muft Bijli Yojana with a total outlay of Rs.75,021 crore for installing rooftop solar The primary goals of rooftop solar schemes include reducing greenhouse gas emissions, promoting renewable energy adoption, and decentralizing energy production. Here you will get to know more about the rooftop solar scheme. It will also give free electricity each month, up to 300 units, to one crore households.
What is a Rooftop Solar Scheme?
The rooftop solar scheme is a government initiative aimed at promoting the installation of solar panels on rooftops of buildings, primarily residential and commercial properties. The PM solar scheme is the new initiative taken by the Indian government to install maximum rooftop solar at 1 crore homes. As the cost of solar system installation is slightly higher, the government provides a subsidy or solar scheme to make it affordable. The government is now giving money off for putting solar panels on rooftops of houses. The MNRE (Ministry of New and Renewable Energy) launched a website National Portal for Rooftop Solar through which the consumer can easily apply for the installation of solar panels on their rooftops.
How much % of the subsidy is available?
The solar panel price can cost you high. If you are spending Rs. 2,000 to 3,000 every month on electricity bills. Solar rooftop systems can start at around Rs. 60,000. Rs. 30,000/- per kW up to 2 kW. But if you install a system up to 3 kilowatts, the government will give you Rs. 18,000 for every kilowatt of capacity. If a solar panel generates electricity above 200 units, it will charge Rs.3 per month in bank accounts. The subsidy amount before the PM Suryodaya Yojana was Rs. 14500 per kW. In the PM solar scheme this amount has been increased to Rs.18,000. This means if you install a 1kW solar system you will get a subsidy of up to Rs. 20,000 and if you install a 3kW solar system you will get a subsidy of up to Rs. 60,000. The cost is Rs. 18,000 for each kilowatt (kW) of shared facilities, like EV charging stations. This price covers up to 500 kW capacity, which is enough for around 3 kilowatts per house.
How to apply a Rooftop Solar Scheme?
If you are planning to install a rooftop solar on a government solar scheme then you need to apply it online. For that, you should visit the government website which is National Portal for Rooftop Solar. Here are the steps to apply for the solar panel scheme.
- Fill in your details such as state, consumer number, mobile, email, etc.
- Apply for the rooftop solar as per the form.
- Wait for the DISCOM feasibility approval, then install the plant via registered vendors.
- Once installation is over, submit the plant details and apply for the net meter.
- DISCOM will inspect and issue a commissioning certificate via the portal for net meter installation for regulatory compliance.
- Once you get the commissioning report.
- Submit the bank account details and a canceled cheque through the portal.
- You will receive your subsidy in your bank account within 30 days.
How many days will the subsidy amount be received?
A subsidy amount will be withdrawn within 30-60 days in the consumer bank account after net metering installation.
What is the solar subsidy amount equal across India?
The amount of solar subsidy may vary from state to state. Additionally, subsidy amounts and schemes may evolve due to changes in government policies and initiatives. The central subsidy is equal across India but the state subsidy may differ in every state. While the central government may offer subsidies and incentives for solar installations through schemes. You can check out the detailed solar subsidy for the states form here: https://www.loomsolar.com/blogs/collections/solar-panel-subsidy-in-india
Is a loan facility available for the solar system?
Many financial institutions offer loan facilities specifically for solar energy projects, whether for residential, commercial, or industrial purposes. The facility of loan is available on a solar system. If you are planning to buy a solar system on a loan then there are financial services or lending options available for projects related to solar energy systems, so yes the solar loan is available for solar systems. Generally, the banks provide a maximum loan of up to 80% of loan against the value of the rooftop solar system. To apply for a solar loan click here.
How much is the loan amount for the solar system?
Usually, banks will give you a loan for a rooftop solar system up to 80%. So, if you're buying a solar panel for Rs. 5 lakhs, the most you can borrow from the bank is 80%, which is Rs. 4 lakhs.
How many months of EMI on a Solar loan?
The number of months for EMI (Equated Monthly Installments) on a solar loan can vary depending on several factors, including the loan amount, interest rate, and repayment terms offered by the lender. We offer you borrow money starting from Rs. 1 Lakh up to Rs. 40 Lakh. You can pay back the loan over a period of 12 to 60 months. To calculate your monthly EMI you can check here.
What is the interest rate on a solar loan?
The interest rate of solar loans ranges from 8.25% to 12.5%. The interest rate on a solar scheme can vary depending on various factors such as the country, the term of the loan, credit score, cibil score, banking, loan amount, etc. Given below is the approximate interest rate for a solar loan.
- 6 months: 12%
- 9 months to 12 months: 14.70%
- 12 months to 24 months: 14.70%
- Processing fee: ₹ 450.00
- Credit limit: Up to ₹ 10,00,000
What are the documents required for a solar loan?
The are some specific documents required for a solar loan that can vary on the particular requirements of the solar loan program. Here is a list of documents for a solar loan application.
Step 1: Visit the nearest store in your city
Step 2: Valid Proof of Applicant Identity - PAN Card + Aadhar Card
Step 3: 12 Months Bank Statement
Step 4: 6 Months Electricity Bill
Step 5: GST Return File for Current Year (For business)
Step 6: You will get to know your credit limit right away
Step 7: 3 Years Balance Sheet & 2 Years ITR File (For business)
Step 8: The bank representative of the partner store will help you set up your KYC and EMI amount.
Step 9: You will select the product and the invoice will be generated by a trusted partner
Step 10: A trusted partner will submit an invoice to the bank and you will get your product instantly
Conclusion
Loom Solar is the leading solar rooftop company in India who offers solar panel, lithium battery and solar inverter. They also offer solar finance, EMI and engineer visit option. If you are planning to install solar panel on the subsidy scheme and want to know more about it you can book engineer visit who will help you to know about the type of solar system you need, pricing, maintenance cost, installation, and solar quotation.
