PM Surya Ghar Scheme: Muft Bijli Yojana
The Hon’ble Prime Minister, Mr Narendra Modi unveiled the “PM Surya Ghar Scheme: Muft Bijli Yojana” on February 13, 2024
The Hon’ble Prime Minister unveiled the “PM Surya Ghar Scheme: Muft Bijli Yojana” on February 13, 2024, aiming to facilitate the installation of rooftop solar systems in one crore residential households. This initiative is geared towards enabling households to generate up to 300 units of electricity using their rooftop solar plants, thereby helping them reduce electricity expenses and potentially earn income by selling surplus power. The scheme’s implementation will be facilitated through the National Portal, accessible at https://pmsuryaghar.gov.in.
- Purpose and Loan Amount:
- For installation of solar rooftop systems up to 3 KW: Maximum loan amount of 2.00 lakhs.
- For systems exceeding 3 KW and up to 10 KW: Maximum loan amount of 6.00 lakhs.
- The loan amount calculation is based on an assumed installation cost of Rs. 70,000 per KW.
- Eligibility Criteria:
- Open to all individual applicants.
- Applicants must possess a CIBIL score of 680 & above (Non-traditional credit also eligible).
- Ownership of rooftop rights where installation is proposed.
- Adequate roof area as per MNRE requirements.
- Submission of the latest electricity bill in the applicant’s name.
- Margin:
- Minimum of 10% of the project cost for installations up to 3 KW.
- Minimum of 20% of the project cost for installations exceeding 3 KW and up to 10 KW.
- Interest Rate:
- Same rate as home loans for existing home loan customers.
- Home loan rate + 100 basis points for non-home loan customers.
- Tenure:
- Maximum tenure of 120 months with no pre-payment penalty.
- Security:
- Hypothecation of assets required.
- Subsidy:
- Subsidy amount ranges from Rs. 30,000 to Rs. 78,000 based on the capacity of the solar system.
- Borrowers are responsible for claiming subsidies, with adjustments to EMIs upon subsidy receipt.
- Net Annual Income:
- No specific requirement for installations up to 3 KW.
- Minimum income of Rs. 3 lakhs for installations exceeding 3 KW and up to 10 KW.
- Moratorium:
- Six-month moratorium from the date of disbursement.
- Disbursement:
- Direct disbursement to the vendor/contractor after submission of mandated feasibility reports
By implementing the PM Surya Ghar Scheme, the government and partnering banks aim to facilitate wide spread adoption of solar energy, thereby contributing to energy sustainability and empowering households financially.