Interim Budget 2024: Get Free Solar Electricity through Solar Rooftop | FreyrEnergy

Interim Budget 2024: 1 Crore Households to Get 300 Units Free Electricity through Solar Rooftop

Interim Budget 2024 : 1 Crore Households to Get 300 Units Free Electricity through Solar Rooftop

In a significant move towards fostering a greener economy, Finance Minister Nirmala Sitharaman unveiled pivotal initiatives in the Interim Budget for 2024-25. With an allocation exceeding Rs 11,500 crore, the budget aims to bolster various segments of the renewable energy sector, including solar rooftop system, the National Green Hydrogen Mission, and Wind Power projects, for the year ending March 2025.

The budget for the government’s solar power project has increased significantly to Rs 10,000 crore in 2024-25, up from around Rs 4,757 crore compared to the previous year 2023-24.

PM Surya Ghar Muft Bijli Yojana’s Role in Budget 2024:

Central to the budget’s green initiatives is the ambitious rooftop solarisation program, poised to illuminate the lives of 1 crore (10 million) Indian households. This program, part of the visionary PM Surya Ghar Muft Bijli Yojana, would enable the beneficiaries to obtain up to 300 units of free electricity every month through rooftop solarisation. This translates to benefits of Rs. 15,000 to Rs. 18,000 annually from free solar electricity and selling the surplus to the distribution companies. This bold move not only underscores the government’s dedication to renewable energy but also aligns with Prime Minister Narendra Modi’s vision of a sustainable future, a vision that found resonance on the historic day of the Ram Mandir’s consecration in Ayodhya 22 Jan on 2024.

This solar rooftop scheme 2024 announced in the budget brings additional benefits. It creates new business opportunities for vendors in the solar system market. This would also add to job creation, especially for the youth in the country with technical skills in making, installing, and maintaining these solar rooftop systems.

India’s Rooftop Solar Growth: Aiming for 40 GW by 2030

India’s rooftop solar capacity has increased to 2.7 GW since 2016. The solar rooftop Programme Phase-II, launched in 2019, aims to boost this capacity to 40 GW. The PM Surya Ghar Muft Bijli Yojana is expected to further accelerate solar energy adoption. Slow growth in solar rooftop is attributed to a lack of public awareness and limited financing options.

Vikas Agarwal, Co-Founder of Credit Fair, highlights the need for government support to enhance solar rooftop demand and usage. Credit Fair provides solar loans for rooftop solar installations at 8-10% interest rates and offers no-cost EMIs.

The government’s goal is to produce 40 GW of solar power annually over the next 5 years, aiming for a total of 500 GW of non-fossil fuel power by 2030. Mallikarjun Kharge, President of the Indian National Congress, notes that only 2.2 GW of the 40 GW annual targets have been installed in homes, leaving about 70% of the goal unachieved.

Overview of Renewable Energy in the 2024 Budget:

Solar Power Boost:

Wind Power:

Coal Transition:

Green Hydrogen Initiative:

Freyr Energy is a solar rooftop company dedicated to simplifying the transition to solar power for homes and businesses. Our expertise in providing efficient, cost-effective solar installations aligns perfectly with the government’s vision of empowering millions of households with solar energy.

We offer complete project management from design and procurement to installation and post-sales support. We also assist with the solar panel subsidy application process for seamless funding. Make a sustainable choice and switch to solar with Freyr Energy today—join us in powering a brighter tomorrow.

Frequently Asked Questions

The recently launched PM Surya Ghar Muft Bijli Yojana is a solar rooftop scheme established by the central government to lighten up the lives of 1 crore Indian homes. This scheme helps financially to install solar lights for home. And, those households that install solar panels get up to 300 units of electricity free of cost, which saves them around Rs 15,000-18000 annually. 

The solar rooftop yojana ensures that households receive a solar panel subsidy worth Rs. 15,000- 18000 annually.

The solar rooftop scheme, which was started to help install solar rooftops for homes, creates many business and job opportunities. For example, a workforce is needed in the manufacturing sector to make solar panels and vendors to sell solar panels. Technically skilled people are needed for installing solar panels, and also to provide after-installation services.   

Through the Solar Rooftop Yojana and the Solar Rooftop Programme Phase-II of 2019, the target capacity for India’s rooftop solar growth is 500 GW by 2030. 

The Freyr Energy team advises you throughout the subsidy application process. Their team ensures that you get help at every stage of the solar subsidy application.

There are immense benefits to choosing solar energy system for home and businesses. Solar energy is a green source that helps homeowners save up to Rs. 18000 per year. Solar power is not only cost-effective but also allows households to sell extra energy produced by solar panels back to the electricity grid. 

Freyr Energy perfectly aligns with the PM Surya Ghar Muft Bijli Yojana. It helps with solar power installations effectively and at budget-friendly prices to ensure that millions of homes are illuminated with solar energy. When it comes to sunroof installation for homes or businesses, Freyr Energy is a one-stop solution, whether it is acquisition, designing, helping with subsidy applications, installation, or offering after-sale services for solar panels.

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