Demystifying Solar Savings: Unveiling Your Government's Financial Toolbox
The sun may seem like a source of warmth and light, but did you know it also holds the key to powering your home and saving you money? Installing rooftop solar panels is an increasingly attractive option, and to sweeten the deal, the government offers a treasure trove of financial benefits to make your transition to solar smoother and more affordable.
Parth Goel
2/20/20242 min read
Unveiling the National Solar Arsenal:
India's commitment to solar energy is evident in its multitude of national programs:
PM Surya Ghar Yojana: This flagship scheme aims to install rooftop solar panels on 1 crore Indian homes. It offers a 30% - 40% subsidy on installation costs, potentially covering up to 3 kW of your needs up to Rs.78,000. Additionally, you can get free 300 units of electricity monthly.
PM KUSUM Yojna: This comprehensive scheme promotes solar energy across various sectors, including residential rooftops. Under this scheme, you can avail of a central financial assistance (CFA) of up to 40% on the cost of rooftop solar power plants. It also encourages farmers to set up solar power units for irrigation and income generation.
PM Solar Rooftop Programme: This program offers a CFA of Rs. 9,000 to Rs. 18,000 per kW for installing rooftop solar panels, further reducing your upfront costs. It also promotes awareness and capacity building within the solar industry.
Beyond National Schemes:
Remember, the solar benefits don't stop there! Many state governments offer additional subsidies and incentives to further reduce your costs. For example, Uttar Pradesh offers an additional 20% subsidy on top of the central government's assistance up to Rs.60,000!
Unlocking Tax Breaks:
Going solar isn't just good for the environment, it's good for your tax bill too! You can claim an income tax deduction of up to 1% of the capital cost of installing solar panels on your home.
Financial Assistance Options:
Beyond subsidies, consider these financing options:
Loans: Several banks and financial institutions offer loans specifically for solar installations with attractive interest rates and long repayment periods. Banks also offers collateral free loans with a reasonable interest rate.
Self-reliance Scheme: Under this scheme, you can pay for your solar system in easy installments without any upfront cost.
Remember: These are just some of the many financial benefits available. To get the most accurate and up-to-date information, visit your state government's website or consult with a qualified solar installer like Renurja Solar.
At Renurja Solar, we believe everyone deserves to bask in the financial and environmental sunshine of solar energy. In this blog, we'll navigate the maze of government schemes and incentives, highlighting how you can maximize your savings and empower your home with the sun's power.
Join the Renurja Solar Family
At Renurja Solar, we understand the complexities of navigating government schemes and making informed financial decisions. Our team of experienced professionals will guide you through every step, from helping you choose the right system to maximizing your government benefits and financing options. We'll ensure a smooth and hassle-free transition to solar power, allowing you to enjoy the sunshine-fueled savings for years to come.
Contact Renurja Solar today for a free consultation and discover how you can harness the power of the sun to illuminate your home and brighten your wallet!
