Tata Power Renewable Energy and Canara Bank have partnered to offer affordable financing options for rooftop solar installations under the Indian government’s PM Surya Ghar Scheme. The scheme aims to promote the adoption of rooftop solar systems and support India’s goal of achieving 500 GW of installed renewable energy capacity by 2030. The partnership offers two loan options for residential customers:
* Up to Rs 2 lakh for systems with a capacity of up to 3 kW, with an interest rate of 7% per annum and no collateral required.
* Up to Rs 6 lakh for systems with a capacity of 3-10 kW, with an interest rate of 10% per annum, a 20% margin, and no collateral required.
The government provides a subsidy of up to 60% for systems with a capacity of up to 2 kW and 40% for systems between 2-3 kW (capped at 3 kW). The partnership aims to simplify access to clean energy solutions for Indian households and support India’s renewable energy goals. Tata Power Renewable Energy has a total renewable capacity of 10.9 GW, including 5.4 GW of operational capacity. The partnership is expected to contribute to the growth of rooftop solar installations and India’s renewable energy targets.