Solar: Govt to fund banks to lend money

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The Ministry of New and Renewable Energy is implementing a scheme to promote off-grid applications of solar energy such as solar lanterns, home lights, other small-capacity photovoltaic systems and solar water heating systems. The scheme offers a 30 per cent capital subsidy or loans at 5 per cent interest, through NABARD. An amount of Rs 350 million has been released in 2010-11 to NABARD to provide funds to the regional rural banks to support solar lighting systems. The solar energy systems/equipment are being directly marketed by eligible manufacturers/systems integrators.

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