Cabinet approves ₹75,000-crore ‘free electricity’ solar scheme
The HinduThe Union Cabinet on Thursday approved a ₹75,021-crore package for the “PM-Surya Ghar: Muft Bijli Yojana” to promote rooftop solar installations in India. “At current benchmark prices, this will mean ₹30,000 subsidy for 1 kW system, ₹60,000 for 2 kW systems and ₹78,000 for 3 kW systems or higher,” a press statement from the Power Ministry noted. For the remaining costs, households will be able to “access collateral-free low-interest loan products of around 7% at present for installation of residential RTS systems up to 3 kW,” the release noted. He had said that public sector units, affiliated to the Power Ministry, would be reaching out to “eligible” households and install the rooftop solar systems for free. Finance Minister Nirmala Sitharaman in her recent Budget Speech had first mentioned the scheme to generate up to 300 units of free electricity every month which would translate to benefits of ₹15,000-18,000 annually for households.