PM Surya Ghar Yojana: Get Collateral-Free Loans for Rooftop Solar Panels

PM Surya Ghar: Muft Bijli Yojana (PMSGMBY), which is the world’s largest domestic rooftop solar program, has reached a major milestone. As of March 10 this year, 10 lakh homes across India are now powered by solar energy.

As per the Ministry of New and Renewable Energy, the PM Surya Ghar Muft Bijli Yojana was introduced by Prime Minister Narendra Modi in February 2024. Upto 47.3 lakh people have applied for the scheme. The government has already provided Rs. 4,770 crore in subsidies to 6.13 lakh beneficiaries to help them install rooftop solar panels.

The scheme provides collateral-free loans of upto Rs. 2 lakh at a low interest rate of 6.75% through 12 public sector banks. Banks have received over 3.10 lakh loan applications, out of which 1.58 lakh have been approved. More than 1.28 lakh people have already received loans under this scheme.

It helps households get free electricity by installing rooftop solar panels at a lower cost, which greatly reduces their energy bills.

The top 5 states with the largest number of households that have benefited from the PM Surya Ghar: Muft Bijli Yojana are Gujarat, Maharashtra, Rajasthan, Uttar Pardesh and Kerala.

Households can submit the subsidy application through the National Portal by selecting a reliable vendor to install rooftop solar panels. The portal also assists in making the right choice by offering details like recommended system sizes, a benefits calculator, vendor ratings, and other useful information.

If all details are entered correctly on the National Portal, banks usually approve proposals and sanction loans within 15 days of the consumer’s redemption request. Every solar installation under the PM Surya Ghar Yojana helps reduce carbon emissions, just like planting 100 trees.

The scheme is making great progress in most states. Chandigarh and Daman & Diu have successfully installed rooftop solar panels on all their government buildings, reaching 100% of their target. They are leading the way in adopting clean energy.

The government is keeping a close watch on the progress in all states to make sure the scheme runs smoothly and on time. The goal is to provide solar benefits to 1 crore household by 2026-27.