Rooftop Solar Gets a Boost from Tata Power and Canara Bank Initiative
Tata Power Renewable Energy Limited (TPREL) is promoting the sale of Rooftop Solar Systems under the PM Surya Ghar Scheme with the help of Canara Bank. The project is centered on providing affordable solar energy services to households in India through customized financing options.
Affordable Financing for Rooftop Solar Systems
The partnership under the PM Surya Ghar Scheme offers flexible credit facilities to households adopting rooftop solar energy solutions. For systems with an installed capacity of up to 3 kW, the provision of loans of up to ₹2 lakh can be accessed by households. It has a margin money of 10%, collateral-free, a nominal rate of interest of 7% per annum, and a maximum repayment period of 10 years.
For installations between 3 kW and 10 kW, the scheme offers loans of up to ₹6 lakh. These loans can be availed with a 20% margin money contribution and are available without any margin money or guarantee. Interest rates such as 10% per annum will be offered to the borrowers with a maximum loan period of up to 10 years. These funding sources are designed to remove the cost incentives and encourage households to adopt renewable energy systems.
Boosting India’s Renewable Energy Goals
The initiative is, in part, a complementary strategy to India’s larger objectives of promoting renewable energy production. Deepesh Nanda, the CEO and Managing Director of TPREL, highlighted the importance of extending access to solar power for households nationwide. TPREL’s relationship with Canara Bank also intends to offer funding solutions toward adopting clean energy, energy efficiency, and India’s sustainable development goals.
R Anuradha, the General Manager of Retail Assets at Canara Bank, explained how Canara Bank helps households switch to renewable energy. This partnership with TPREL is a significant step for the particular financial institution, engaging in environmental sustainability and contributing to India’s green future.
TPREL’s Expertise and Expanding Reach
TPREL is among India’s leading integrators of rooftop solar solutions and has successfully commissioned Rooftop solar projects for more than 100,000 satisfied customers, including Residential, Commercial, and Industrial sectors. TPREL is currently present in 275+ cities and benefits from more than 30 years of experience in engineering, procurement, and construction (EPC). Its portfolio of renewables consists of 10.9GW, of which 5.4 GW is operational and consists of solar and wind power solutions.
The PM Surya Ghar Scheme is important in India, particularly in renewable energy systems. This partnership between TPREL and Canara Bank involves funding and boosting rooftop solar systems nationwide. Being a technological company, Tata Power brings technical expertise while Canara Bank can extend its reach all across the country to target more households and make solar energy affordable and cost-effective; it will be a great move towards making India a cleaner country.
