 "Tata Power, Canara Bank partner to offer loans for rooftop solar systems")
Tata Power Renewable Energy, a unit of Tata Power, has partnered with state-run Canara Bank to drive the adoption of rooftop solar systems under the government-backed PM Surya Ghar Scheme, offering affordable financing options to Indian households.
According to a company statement, the initiative aims to simplify access to clean energy solutions by providing loans for residential solar installations.
Loans of up to Rs 2 lakh are available for systems with a capacity of up to 3 kW (kilowatt), requiring a 10 per cent margin and no collateral, with an interest rate of 7 per cent per annum and a 10-year repayment period.
For larger systems, ranging from 3 kW to 10 kW, loans of up to Rs 6 lakh are offered with a 20 per cent margin, no collateral, and a 10 per cent annual interest rate over a decade.
“Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide,” said Deepesh Nanda, chief executive officer (CEO) and managing director (MD), Tata Power Renewable Energy.
“By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives,” he added.
The partnership underscores the push for clean energy solutions in India, which aims to achieve 500 GW of installed electric capacity from non-fossil sources by 2030.
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Tata Power’s total renewable capacity reached 10.9 GW (gigawatts), including 5.5 GW of projects under various stages of implementation. Its operational capacity is 5.4 GW, comprising 4.4 GW of solar and 1 GW of wind, according to the statement.
Under the PM Surya Ghar Scheme, applicants are eligible for a subsidy covering 60 per cent of the solar unit cost for systems with a capacity of up to 2 kW and 40 per cent of the additional system cost for capacities between 2 kW and 3 kW, with the subsidy capped at 3 kW.