Driving Naari Programme launched in Chandigarh
* BANKS JOIN THE SOLAR POWER REVOLUTION BY OFFERING EMI BASED FINANCING OF HOME SOLAR PLANTS
* IDBI LAUNCHES SURYA SHAKTI SCHEME FOR FINANCING ROOF TOP SOLAR POWER PLANTS FOR INDIVIDUAL HOUSEHOLDS
Chandigarh, June 24: The Punjab government’s unique initiative of setting up of individual Roof Top solar power plants is all set to become a mass movement as renowned bank IDBI has launched a new scheme “Surya Shakti” for financing such projects thereby promoting clean energy to save environment in a big way.
According to Mr. Bikram Singh Majithia, New & Renewable Energy Minister it was high time for financial institutions and banks to provide easy credit to solar power developers and the IDBI Surya Shakti scheme was a big step in this direction further giving a big fillip to encourage individual households to generate their own power to cut their power bills. It may be mentioned here that Mr. Majithia recently had a detailed meeting with leading financial institutions and banks namely IREDA, Power Finance Corporation Ltd., L & T Infra Finance, IDBI, ADB, NABARD, Bank of India, Tata Power Solar for financing upcoming solar power plants in Punjab.
The Minister pointed out that the state’s present NRSE power generation capacity was 811 MW and it was planned to take this capacity to 5400 MW by 2022. He said that the state’s initiatives in Renewable energy have an estimated investment potential of 33000 Crore & out of which 23000 Crore was the financing requirement, which could only be met with liberal financing/credit by banks. Describing net metering a revolutionary step in the direction of producing clean & green energy, Mr. Majithia said that when each household generates its own solar energy, it not only contributes towards environmental protection, money saving but also lays down the foundation for a responsible society. He further added that use of solar energy would be a great gift by our generation to future generations, as it will ensure that we pass on a healthy non-polluted environment.
Mr Majithia said that the decision of Government of india to include the Home Solar Roof Top projects as part of the Home Loan, thereby making them eligible for income tax concession along with other components of Home loan and with Banks bringing out specific EMI based schemes days are not far when Home based Solar Power Generation becomes a mass movement. .
According to newly launched Surya Shakti scheme individuals/joint individuals are eligible for loan up to 60 percent of project cost subject to maximum of Rs. 10 lac per borrower. It is worth mentioning here that the cost of 5 KWp plant ideal for a three bedroom house is about Rs. 5 lac and around Rs. 6 lac with battery backup. Out of which Rs. 60,000/- will be subsidy @ Rs. 12000/- per KW and bank will finance Rs. 3 lac. The maximum repayment period will be 7 years and repayment will be in equated monthly installments (EMIs).
