Tata Power Renewable Energy joins Canara Bank to boost PM Surya Ghar Muft Bijli Yojana

Tata Power Renewable Energy Limited (TPREL), a subsidiary of the Tata Group, on Friday said it has joined Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Muft Bijli Yojana.

As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable, the company said in a statement.

For systems with a capacity of up to 3 kW, the scheme offers loans of up to Rs 2 lakh with a 10 per cent margin money requirement, collateral-free financing, a competitive interest rate of 7 per cent per annum, and a tenure of up to 10 years.

For systems between 3 kW and 10 kW, the scheme provides loans of up to Rs 6 lakh with a 20 per cent margin money requirement, collateral-free financing, and interest rates at 10 per cent per annum, with a maximum tenure of 10 years.

“This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India,” said Deepesh Nanda, CEO and Managing Director, TPREL.

By offering affordable financing options under the PM Surya Ghar Scheme, “we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives,” he added.

TPREL currently has over 100,000 solar rooftop customers. The company offers comprehensive solutions across various sectors, including residential, commercial, and industrial, MSMEs, large enterprises, and group captives, demonstrating a strong commitment to meeting diverse energy needs.

“Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme,” said R. Anuradha, GM, retail assets, Canara Bank.

PM Surya Ghar Muft Bijli Yojana is a landmark initiative, launched by Prime Minister Narendra Modi on February 15, 2024. It aims to transform India's energy landscape by providing free electricity to households.

It is set to reshape the country's energy landscape by empowering millions of households with solar power. The government has set a target of reaching 10 lakh households by March 2025 and increasing its ambit to one crore by March 2027.