Cabinet Sanctions Rs 75,021 Cr Rooftop Solar Subsidy

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After the Union Cabinet meeting, Information and Broadcasting Minister Anurag Thakur announced that a scheme has been approved to install rooftop solar panels and provide up to 300 units of free electricity monthly for one crore households.

On Thursday, the government announced the launch of a new rooftop solar initiative named PM-Surya Ghar: Mufti Bijli Yojna, with a budget allocation of Rs 75,021 crore. This scheme aims to provide financial support for installing solar panels and offer up to 300 units of free electricity each month to one crore households, as reported by PTI.

During a media briefing following the Union Cabinet meeting, Information and Broadcasting Minister Anurag Thakur stated that the scheme had received approval to facilitate the installation of rooftop solar systems and supply up to 300 units of complimentary electricity monthly to one crore households.

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An official statement elaborated that the Union Cabinet, led by Prime Minister Narendra Modi, has sanctioned the PM-Surya Ghar: Muft Bijli Yojana with a total expenditure of Rs 75,021 crore. This initiative is designed to install rooftop solar systems and provide free electricity for up to 300 units every month for one crore households.

The Prime Minister officially inaugurated the scheme on 13th February 2024. Under this scheme, households will receive central financial assistance (CFA) amounting to 60% of the system cost for 2 kW systems and 40% of the additional system cost for systems with a capacity between 2 kW to 3 kW. The CFA will have a cap of 3 kW. Based on current benchmark prices, this translates to a subsidy of Rs 30,000 for a 1 kW system, Rs 60,000 for 2 kW systems, and Rs 78,000 for 3 kW systems or higher.

Households interested in the subsidy can apply through the National Portal and select a suitable vendor for installing rooftop solar systems. The scheme not only enables households to reduce their electricity bills but also allows them to generate additional income by selling surplus power to DISCOMs. A 3 kW system is expected to produce more than 300 units of electricity per month on average for a household.

It is estimated that implementing this scheme will create approximately 17 lakh direct jobs in various sectors such as manufacturing, logistics, supply chain, sales, installation, operations and maintenance (O&M), and other services.

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Aryaman Raghuvanshi
Aryaman Raghuvanshi
Aryaman Raghuvanshi is a Journalist at EFY. His passion is to explore the future of mobility, which gets him to cover latest technologies shaping the future of automobiles and EVs. But, at times he writes on broader technologies too. LinkedIn: https://www.linkedin.com/in/aryaman-raghuvanshi-2431b7153

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