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Loan for Installation of Grid Interactive Rooftop Solar PV Plants

Title: Loan for Installation of Grid Interactive Rooftop Solar PV Plants
The Government of India has set a challenging target of 40,000 MWp of Grid-Interactive  Rooftop Solar PV Plants during the next five years. These rooftop solar PV plants will be set up in residential, commercial, industrial, institutional sectors in the country ranging from 1 kWp to 500 kWp capacity. Such rooftop plants have become economically viable as they produce clean electricity from the solar energy at about Rs. 7.0 per kWh without any subsidy.
 
The Government  is providing a subsidy of 15% on these plants to the beneficiaries which makes it further  attractive and viable. 
 
 
This massive target can be achieved with support from banks to provide loans for  installation of Grid-Interactive Rooftop Solar PV Plants to the loan seekers as a part of home  loan/ home improvement loan. The Department of Financial Services, Ministry of Finance has  issued following advisory to all Public Sector Banks:
“All banks are advised to encourage the home loan/ home improvement loan seekers to  install rooftop solar PVs and include the cost of such equipment in their home loan proposals  just like non solar lighting, wiring and other such fittings”
 
 
In compliance, so far, eight Public Sector Banks namely Bank of India, Syndicate Bank,  State Bank of India, Dena Bank, Central Bank of India, Punjab National Bank, Allahabad Bank  and Indian Overseas Bank have taken actions and issued the necessary instructions for their  branches. 
 
 
The person interested in installation of Grid-Interactive Rooftop Solar PV Plants and  seeking loan may approach these nearest Public Sector Banks. They may also contact the State  Nodal Agencies implementing renewable energy programmes in their States and the  empaneled Channel Partners for further guidance. Further details are given in the website of  this Ministry www.mnre.gov.in .