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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• Odisha offers up to Rs. 60,000 in subsidies for upto 3 KW Rooftop Solar Adoption, among the highest in India; Along with Rs. 78,000 of Central Government subsidy, the total subsidy available to consumers is up to Rs. 1,38,000 for upto 3 KW rooftop units
• OREDA lists Tata Power Renewable Energy Limited (TPREL) as one of its preferred Solar partners
• Targets to solarise 3 lakh households in the next three years, i.e. till 2027, ensuring low-cost clean energy availability

Bengaluru, 21 January 2025: Tata Power Renewable Energy Limited (TPREL), a leading player in India’s renewable energy sector and a subsidiary of Tata Power, has signed a Memorandum of Understanding (MoU) with the Odisha Renewable Energy Development Agency Limited (OREDA Limited), the state’s nodal agency for renewable energy, to accelerate rooftop solar adoption among residential customers. This partnership reflects a shared commitment to expanding Odisha’s renewable energy footprint by implementing the Pradhan Mantri Surya Ghar Yojana (PMSGY).

Tata Power, one of India’s largest integrated power companies, manages power distribution in Odisha through its four DISCOMs in partnership with the State Government. The scheme will be implemented through the DISCOMs which will play a pivotal role in bringing solar energy to households.

The MoU was signed by Shri Saidutta Biplab Keshari Pradhan, CEO, OREDA Limited and Dr Praveer Sinha, CEO&MD, Tata Power in the presence of the Hon’ble Deputy Chief Minister of Odisha, Shri K.V. Singh Deo and Shri Manoj Ahuja, IAS, Chief Secretary, Government of Odisha.

This collaboration aims to accelerate solar energy adoption through enhanced public awareness and seamless implementation of accessible and affordable solar energy solutions across Odisha. TPREL, which will be listed as one of its preferred solar partners by OREDA, will play a pivotal role in this adoption by ensuring reliable and hassle-free solar solutions with lifetime care. The company along with OREDA and its financial/banking partners will lead targeted awareness drives at high-footfall locations such as airports, malls and railway stations. To strengthen community engagement, the company will also develop educational materials on renewable energy benefits, conduct sessions for local vendors, and foster local technical expertise by training rooftop installation and maintenance staff.

Public education will remain a central pillar, supported by the creation and dissemination of Information, Education, and Communication (IEC) materials to emphasize the advantages of renewable energy and energy efficiency.

Odisha is pioneering the solar revolution as the state with the highest solar subsidies in the country which significantly reduces the financial burden on the consumer and enables easy adoption.

Subsidy Details Explained:

**Solar subsidies as per state government’s discretion and policy guidelines

Dr. Praveer Sinha, CEO & MD, Tata Power, said, “This collaboration with OREDA underscores Tata Power’s enduring commitment to the state and its people. We are proud to support the PM Surya Ghar Yojana and are aligned with the state government’s vision of mainstreaming solar power.”

OREDA Limited will collaborate with TPREL on the promotion of public awareness campaigns on various platforms, provide guidance to government agencies, and conduct regular reviews to ensure the initiative’s success. The initiative will begin by focusing on key cities—Bhubaneswar, Cuttack, Puri, Paradip, Berhampur, Sambalpur, Balasore and Rourkela and gradually expand state-wide.

Shri Saidutta Biplab Keshari Pradhan, Chief Executive Officer, OREDA Limited added, “Odisha is blessed with vast solar energy potential that must be harnessed effectively to meet the state’s growing energy demands sustainably. Our partnership with Tata Power is a significant step in the same direction. With Tata Power’s expertise and OREDA’s resources, we will accelerate the adoption of renewable energy, empowering consumers and contributing meaningfully to the state’s energy goals.”

Over the past few years, Tata Power has played a pivotal role in transforming Odisha’s energy landscape by managing power distribution operations across all four DISCOMs—TPCODL, TPWODL, TPSODL, and TPNODL—under a public-private partnership model.

With a strong commitment to renewable energy adoption through advanced technology and collaborations with state and central agencies, the company is fostering a sustainable energy ecosystem aligned with India’s net-zero goals.

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Affordable solar financing options to make clean energy accessible to Indian households

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