PM Suryodaya Yojana: Gradually, the Pradhan Mantri Suryodaya Yojana information are coming to light. As per the recently disclosed details, the government will now provide further subsidies to individuals who install solar panels on their residential rooftops. On their rooftops, people will now be able to produce electricity without having to pay a single rupee.
RK Singh Reveals Enhanced Solar Subsidies
RK Singh, the Union Minister of New and Renewable Energy, provided this information. According to the Union Minister, in the past, homeowners who installed solar panels on their rooftops were eligible for a 40% subsidy. They will now receive a 60% subsidy through the Pradhan Mantri Suryodaya Yojana. The remaining forty percent can be lent to individuals.
The government is working to make sure those with less financial resources may take full advantage of this programme. Under this initiative, the government aims to put solar panels on the rooftops of one crore dwellings.
The government hopes that by raising the subsidy, a growing number of individuals will be able to install solar panels in their houses under this programme without having to take out a loan. People who use less than 300 units of power per month are given particular consideration under this.
No Compulsion for Loans
There won’t be any pressure placed on someone to take out a loan, even if they so choose. To carry out this plan, the government is creating a special purpose organisation. Every state will have its own distinct SPV. In addition to the government-provided 60% subsidy, the remaining 40% may be borrowed from the SPV.
The SPV will buy whatever extra electricity the beneficiary’s rooftop generates beyond his needs, and the loan will be repaid from it. This will allow the loan to be paid back over the course of ten years, at which point the solar panel property will be transferred into the beneficiary’s name.
Solar Initiative Follows Ram Temple Opening in Ayodhya
This programme was unveiled by Prime Minister Narendra Modi following the opening of the Ram temple in Ayodhya last month. Subsequently, on February 1st, Finance Minister Nirmala Sitharaman briefed the Lok Sabha about the programme when introducing the budget. The budget includes a Rs 10,000 crore allocation for the programme. In his budget statement, the finance minister stated that participants in the scheme might save between Rs. 15,000 and Rs. 18,000 a year.
Government Aims for 100 GW Solar Energy Output
The nation’s solar energy output is expected to reach 100 gigawatts, according to government targets. Approximately 35 gigawatts of power were generated from solar energy in the 2019–20 fiscal year. Over 73 gigawatts of production are anticipated in the current fiscal year. As part of the PM Suryodaya Yojana, rooftop solar panel installations on one crore homes can also assist the government in reaching the 100 GW goal. One crore rooftop solar panels may generate twenty to twenty-five gigawatts of electricity.
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