India : Tata Power Solar Systems Limited (TPSSL), a prominent solar firm in India and a fully-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic alliance with Indian Bank, a leading public sector bank in India, to enhance the uptake of solar rooftop installations among residential consumers. This collaboration aims to facilitate financing solutions under the widely embraced Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme, catering to installations up to 3 KW, and also to provide support for installations ranging from 3 to 10 KW under the regular scheme.
Under the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can access loans up to ₹ 2 lakh at an annual interest rate of 7%, complying with government regulations. With a nominal margin money requirement of 10% and collateral-free financing, homeowners can embark on their solar journey with ease. Additionally, the repayment tenure extends up to 10 years, offering flexibility and convenience.
For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank offer a tailored financing solution that meets the diverse needs of homeowners. Eligible applicants can avail loans up to ₹ 6 lakh, with a margin money requirement of 20%. Competitive interest rates ranging from 8.4% to 10.8% per annum ensure attractive financing options.
Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, emphasized the firm’s steadfast commitment to advancing a sustainable future through the promotion of renewable energy solutions. He highlighted that this collaboration represents a significant stride forward, providing customized financing solutions to empower homeowners while aligning seamlessly with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption. He expressed confidence in leveraging collective expertise and resources to illuminate households and accelerate the nationwide energy transition.
Shri Vikas Kumar, Chief General Manager of Retail Assets & MSME at Indian Bank, expressed honor in announcing this initiative to further the goals of PM Surya Ghar Muft Bijli Yojana. He emphasized the bank’s commitment to fostering awareness, growth, and social upliftment, aiming to make a substantial contribution to India’s energy objectives and ensure the success of this commendable initiative.
Aligned with the Government’s dedication to champion Residential Solar, this collaboration between TPSSL and Indian Bank seamlessly aligns with the core objectives of the Government’s PM-Surya Ghar Muft Bijli Yojana initiative. By prioritizing improved accessibility and affordability for a broader spectrum of stakeholders, this initiative is poised to have a profound impact on the widespread adoption of solar solutions.