Going solar in 2024 has seen an incredible rise among residents and more commercial spaces to adopt solar panels for their power requirements. The ultimate proof of more people keen to adopt solar panels in house roofs is now evident thanks to the “Rooftop Solar Scheme” or the PM Surya Ghar Muft Bijli Yojana coming into effect.
The yojana was announced in the Interim Budget 2024-25 and promises to allow 1 crore households to receive a whopping 300 units of power every month. This is a game-changing prospect for every individual, who is interested in going for solar power at this time.
With the announcement of the solar rooftop scheme done by the union government, the focus would be to install 1 crore houses with solar panels at the earliest, and till now, over 1.28 crore Indians have already registered for this lucrative scheme. The government, today, aims to reach 50% of energy demands with the help of renewable sources by 2030 and reduce carbon emissions by 1 billion tonnes.
Top 5 Advantages of Rooftop Solar Scheme for Homeowners
With the conclusion of the Union Budget of 2024, the future of solar energy in India has never been brighter. Let us check out the advantages of the solar rooftop scheme in depth:
Bill saving potential
Arguably the most talked about aspect of going solar is reduced electricity bills and eventual savings. With this lucrative Pradhan Mantri solar rooftop yojana, houses installing the panels would get an assured 300 units worth free of charge every single month. This is a huge discount considering the monthly usage case of many small houses is around the same margin. Households can save around INR 15,000-18,000 annually, depending on their energy consumption and constraints.
Economic benefit for youths
Economic opportunity is a topic that has been talked about and debated several times over the decades. One of the biggest plus points of the solar rooftop scheme is its ability to further boost the solar industry to the next level. With India sitting as the entrepreneurship hub of the world, the solar industry is on steady growth, offering countless job opportunities galore.
For instance, small vendors and manufacturers can brace up to start manufacturing components and solar panels today, with the growing demand for panels shooting up. In addition to this, youths can train in handling solar panels and hone their skills in the industry that is set to make a revolution across the country.
Net Metering advantage
If you have never heard about net metering, this is a way of electricity bill metering where the consumers can send extra generated power back to the main power grid and earn monetary benefits out of it. With the solar panel PM yojana, all the houses coming under the scheme would only come under the net metering scheme with the respective state DISCOM. Net metering has gained popularity over the years and most of the solar connections in major cities go for this type of metering.
Net metering assures houses benefit from the extra power generation from the panel and earn sufficient meter credits to reduce the monthly electricity bills even further.
Collateral-free, low-interest loans
Solar rooftop scheme covers yet another point where consumers opting can receive lucrative loan opportunities from registered banks for a bare minimum interest rate without having to put any collateral. Yes, with only 7% interest in the demand, residents can install rooftop solar systems for up to 3 kW today and ensure no collaterals are exchanged.
Creation of model solar village for rural India
The pm rooftop solar yojana has promised to initiate in developing a Model Solar Village for every district across the country. Under the scheme, one village per district would qualify for the scheme and go solar to meet their energy needs. A total of 800 crores of funds has been allocated with 1 crore per district per model solar village. The maximum population size of the village should be 5,000 (2,000 in special category states). Therefore, with the scheme, rural Indian villages could be self-reliant in generating solar power for their daily needs.
Solar subsidy
Under the solar rooftop scheme, here are the subsidy details:
- For 1kW Solar System – INR 30,000
- For 2kW Solar System – INR 60,000
- For 3kW Solar System and above – INR 78,000 fixed
Conclusion
In the end, the solar rooftop scheme has come up as a revelation to crores of Indians, who were sceptical about going solar. With the central-led subsidy and assurance, houses today can adapt to solar power and contribute to green energy sources.
Frequently Asked Questions
PM solar rooftop yojana is offered to encourage more Indian citizens to adopt solar power for a subsidised rate. To avail, check out this site and follow the steps.
The five advantages of solar rooftop subsidy yojana include:
- Reduced Electricity Bills
- Environmental Benefits
- Energy Independence
- Government Subsidy
- Increased Property Value
The process of installing panels under rooftop solar scheme includes:
- Visit the official site of PM Surya Ghar Muft Bijli Yojana
- Apply for a rooftop solar scheme
- Choose the state, installing company, and consumer account number
- Enter personal contact information
- Log in
- Apply for rooftop solar and fill out the form
- Check with DISCOM for feasibility
- Submit plant details
- Gather the commissioning report and DISCOM inspection
- Login to PM Surya Ghar site and submit bank details and a blank cheque. The subsidy amount would be credited in 30 days.
Solar panel requires minimal maintenance and owners can clean using soft cloth periodically for optimal performance.
Yes. PM rooftop solar scheme beneficiaries can avail loans for only 7% interest and up to 90% financing from certain banks.
