Sharing the data, Minister of State for New and Renewable Energy Shripad Yesso Naik said Gujarat leads in installations, followed by Maharashtra and Uttar Pradesh, with several other states also recording strong uptake. The government estimates that rooftop solar installations in one crore households could generate 1,000 billion units of renewable electricity over 25 years and reduce around 720 million tonnes of carbon emissions, highlighting the scheme’s long-term environmental and energy security benefits.

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A key component of this initiative is the launch of a dedicated, user-friendly mobile application, developed by CIMSME in collaboration with Servotech. This app simplifies the entire solar adoption process, offering homeowners a seamless experience from initial roof inspection and documentation to installation, system monitoring, and subsidy application assistance.

To ensure efficient nationwide implementation, CIMSME will mobilize a network of approximately 30,000 individuals. Operating on a PIN code basis, this dedicated workforce will facilitate sales, provide on-the-ground support, and oversee the installation process.

Servotech, already registered with 62 DISCOMs across the country, will provide comprehensive end-to-end solar solutions, including the installation of Solar Photovoltaic Generation Systems (SPGS) ranging from 2kW to 10kW, tailored to meet diverse household energy needs. The company will also provide ongoing maintenance services to ensure optimal system performance.

Raman Bhatia, Founder and Managing Director of Servotech Renewable Power System Ltd. said This collaboration and the launch of our mobile app represent a significant leap forward in making solar energy accessible to every Indian household. By combining our expertise with CIMSME’s extensive network, we are empowering communities and driving the nation towards a sustainable future.

Mukesh Mohan Gupta, President of CIMSME said We are excited to collaborate with Servotech on this transformative project. In alignment with the vision of the Hon’ble Prime Minister towards sustainable development and enhance the wellbeing of the people, this initiative is a significant step towards nation-building. It also promotes ESG (Environmental, Social, and Governance) objectives, and accelerating solar adoption across India to ensure renewable power reaches to the last mile beneficiary, Mr. Gupta added.”

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Affordable Rooftop Solar financing options to make clean energy accessible to Indian households

Bengaluru, 6^th February, 2025: Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited and a leader in India’s renewable energy sector, and Bank of Baroda, one of India’s leading public sector banks have signed a Memorandum of Understanding (MoU) for financing of residential rooftop solar power systems. The MoU will facilitate financing options for residential customers under the Pradhan Mantri Surya Ghar Yojana (PMSGY). The collaboration will leverage on the wide branch network and financing capabilities of Bank of Baroda and the market leadership and dealer network of Tata Power Renewable Energy, enabling seamless sourcing and loan processing for customers. This strategic partnership is set to boost the adoption of rooftop solar systems across the country by providing affordable and accessible financing, thereby supporting India’s transition to renewable energy.

By providing access to affordable, hassle-free financing options, Bank of Baroda and Tata Power Renewable Energy will enable Indian households to adopt sustainable energy solutions and contribute to a cleaner, greener future. Under the MoU, applicants can avail loan amounts up to ₹6 lakh at an attractive interest rate starting at 7% p.a., with both fixed and floating rate of interest options available.

Under the PM Surya Ghar Yojana, customers installing residential rooftop solar systems with capacities of up to 3 kW can avail loans up to ₹2 lakh with no income documentation required. The scheme requires only a 10% margin contribution and offers an attractive interest rate of 7% p.a. The loans are collateral-free and come with a flexible repayment tenure of up to 10 years, making solar installations affordable for households.

For larger installations ranging from above 3 kW and up to 10 kW, customers can avail loans of up to ₹6 lakh under the regular scheme. These loans require a margin money contribution of 20%. Bank of Baroda’s Home Loan customers will enjoy special concessional interest rates ranging from 9.15% to 11% p.a. For non-Home Loan customers, interest rates will range from 10.15% to 12% p.a. The loans are collateral-free with a maximum repayment tenure of up to 10 years.

Under the Pradhan Mantri Surya Ghar Yojana, residential consumers installing rooftop solar systems are eligible for government subsidies, significantly reducing the upfront cost of installation. For solar systems up to 2 kW, customers can avail a subsidy covering up to 60% of the benchmark cost, while for systems between 2 kW and 3 kW, the subsidy covers 40% of the benchmark cost. Installations above 3 kW receive a fixed subsidy for the first 3 kW, with additional capacity receiving support as per scheme guidelines. These subsidies, combined with affordable financing options, make rooftop solar more accessible, helping households lower electricity bills while contributing to India’s clean energy transition.

Mr. Deepesh Nanda, CEO & Managing Director, TPREL said, “This strategic collaboration with Bank of Baroda marks a significant step forward in our mission to make clean energy solutions accessible to every household in India. By offering affordable and convenient financing options, we are enabling residential customers to embrace rooftop solar technology with ease. This initiative not only empowers individuals to reduce their energy costs but also contributes meaningfully to the nation’s renewable energy goals and efforts to combat climate change. Together, we are fostering a sustainable future, one home at a time.”

Shri Lalit Tyagi, Executive Director, Bank of Baroda said, “India’s renewable energy capacity has crossed 200 GW, with solar energy accounting for almost 100 GW. This significant growth is driven by robust policy support, enhanced competitiveness, and rising investor confidence. At Bank of Baroda, we are strongly committed to expand our engagement in the renewable energy sector, in line with the government’s vision to maximise power generation through sustainable sources. We are pleased to further strengthen our partnership with Tata Power Renewable, a key leader in India’s renewable energy landscape.”

TPREL, recognised as India’s No. 1 solar rooftop company, leads the market with over 100,000 satisfied customers. The total renewables capacity of TPREL reached 10.9 GW (PPA capacity is 8.9 GW) including 5.5 GW projects under various stages of implementation and its operational capacity is 5.4 GW, which includes 4.4 GW solar and 1 GW wind.

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During the regional review meeting held in Jaipur on Tuesday, Union Minister Prahlad Joshi and Rajasthan Chief Minister Bhajan Lal Sharma presented this award to UPCL MD, Anil Kumar Yadav, which includes an incentive amount of 9.5 crores. UPCL MD Anil Kumar Yadav said that under the scheme, solar roof tops have been installed on more than 14 thousand houses in Uttarakhand so far, which is producing about 50 MW of electricity. Energy Secretary Dr. R Meenakshi Sundaram, Additional Secretary Ranjana Rajguru were also present on this occasion.

“Uttarakhand has achieved a great success in the PM Surya Ghar Yojana, this scheme is a means of improving the economic condition of the people while reducing their dependence on traditional sources of energy. UPCL deserves congratulations for this great achievement”, said Uttarakhand Chief Minister Pushkar Singh Dhami.

Union Minister Prahlad Joshi and Rajasthan Chief Minister Bhajan Lal Sharma presented this award.

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Under the scheme component ‘Innovative Projects’, Rs.500 crore has been earmarked to encourage advancements in rooftop solar technologies, business models, and integration techniques. The component seeks to identify and support startups, institutions, and industries in piloting new concepts, with a focus on emerging solutions like blockchain-based peer-to-peer solar trading, smart materials, and rooftop solar integrated with electric vehicles and battery storage.

To drive this forward, MNRE will invite proposals and encourage joint research and international collaborations. National Institute of Solar Energy (NISE) will serve as the Scheme Implementation Agency (SIA) for the Innovative Projects Component. Selected projects will receive financial assistance of up to 60% of the project cost or ?30 crore, whichever is lower. Additionally, annual awards for innovation will be granted to encourage further advancements, with prizes up to ?1 crore.

The Government of India approved the PM-Surya Ghar: Muft Bijli Yojana on 29th February 2024, with the aim to increase the share of solar rooftop capacity and empower residential households to generate their own electricity. The scheme has an outlay of Rs 75,021 crore and is to be implemented till FY 2026-27. The Scheme Guidelines may be accessed here

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• The partnership strengthens Tata Power Solar’s leadership in green energy solutions
• Tata Power Solar is Bank of India’s first green partner for financing Solar and EV charging stations
• Partnership to help promote faster adoption of rooftop solar installations for residential users, housing societies, and MSMEs

MoU Signing

Bengaluru, 26^th July, 2024: Tata Power Solar Systems Limited (TPSSL), one of the leading solar companies in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL) announced a strategic partnership with Bank of India (BOI), a premier public sector bank, to facilitate easy financing for rooftop solar installations and establishment of electric vehicle (EV) charging stations. The partnership is a significant milestone with Tata Power Solar becoming the first solar company to collaborate with BOI for both solar and EV Charging Station financing and strengthening its leadership as a green energy solutions provider.

This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). By providing tailored easy financing solutions, the partnership will mainstream green solutions and make sustainable energy adoption more accessible and affordable for all.

Under the PM Surya Ghar Yojana, residential customers seeking to install solar systems up to 3 KW can avail loans up to Rs.2 Lakh with only a 5% margin money requirement. These loans are offered at an attractive interest rate of 7.10% per annum, are collateral-free, and have a tenure of up to 10 years. For installations above 3 KW and up to 10 KW, loans can be availed up to Rs.6 Lakh with a 5% margin money requirement. The interest rates for these loans range from 8.3% to 10.25% per annum, and these are also collateral-free with a tenure of up to 10 years. Registered housing societies and residential welfare associations can benefit from loans up to Rs.1 Crore with a 10% margin money requirement.

All UDYAM registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail of a loan of up to Rs.30 Crores. These loans will have low interest rates starting from 9.35% p.a. with a margin requirement of 15% and offer collateral-free options. Borrowers can avail higher repayment tenure of up to 120 months. Benefits of MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be obtained under the loan offering.

Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited said, “We are honored to collaborate with Bank of India to advance sustainable energy solutions across various customer segments. This partnership aligns with our mission to bring affordable, clean energy to millions and accelerate India’s transition to a low-carbon economy. With the help of partners like the Bank of India, we are delighted to provide affordable and easy financing solutions for our customers looking to invest in either Rooftop Solar or EV Charging Infrastructure, which will help them take their first steps on their green energy journey.”

Mr. Ashok Kumar Pathak, Chief General Manager, Bank of India, said, “Our partnership with Tata Power Solar marks a significant step towards fostering sustainable development. As the first bank to tie up with a solar company for solar and EV charging station financing, we are proud to offer tailored financial solutions that will empower individuals, housing societies, and MSMEs to embrace renewable energy. This initiative reflects our commitment to supporting the government’s vision for a green and sustainable future.”

 TPSSL stands at the forefront of the renewable energy landscape. With a solar rooftop portfolio of over 2 GW, the Company is making significant strides across various states and cities. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customized offerings, showcasing a commitment to diverse energy needs.

Leveraging 34 years of experience and the trust of the Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological process with its indigenous cells and modules.  Its strong commitment to customer satisfaction and the extensive network of channel partners further solidifies its position as a trusted leader in the renewable energy sector.

TPREL is also a leading provider of electric vehicle charging solutions in India, spearheading the nation’s transition towards e-mobility. Its commitment to e-mobility is exemplified through its extensive charging network spanning 550+ cities and towns, 5500+ public and semi-public charging points, ~1,00,000 home chargers, and 950+ conveniently positioned bus charging points. Present across prominent highways and diverse locations such as hotels, malls, offices, hospitals, residential complexes, etc.

The total renewables capacity of TPREL reached 10,025 MW (PPA capacity is 8,196 MW) including 5,208 MW projects under various stages of implementation and its operational capacity is 4,817 MW, which includes 3,787 MW solar and 1,030 MW wind.

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