Pay Just Rs 800 a Month to Own Rooftop Solar and Cut Electricity Bills
Homeowners installing rooftop solar panels can access government subsidies unsecured low interest bank loans and affordable monthly repayments making clean energy more accessible while significantly reducing long term electricity expenses.
Rooftop Solar Becomes More Affordable
Installing rooftop solar panels is becoming an attractive option for households looking to reduce electricity expenses. While the initial installation cost may seem high, the long term savings are substantial because the system can generate electricity for daily household use. With lower dependence on the power grid, families can significantly reduce or even eliminate their monthly electricity bills.
To encourage the adoption of clean energy, the Central Government is supporting homeowners through the PM Surya Ghar Muft Bijli Yojana. Under this scheme, eligible applicants can receive financial assistance in the form of subsidies and low interest bank loans without the need for collateral. This makes rooftop solar installations more affordable for a larger number of households.
The loans offered under the scheme carry an annual interest rate of 5.75 percent and can be repaid over a period of up to 10 years. Homeowners first install the solar system using the bank loan, and after the required inspections and approvals are completed, the government transfers the subsidy amount directly to the beneficiary’s bank account. This subsidy can then be used to reduce the outstanding loan amount.
A one kilowatt rooftop solar system costs around Rs 83,700. Homeowners need to make an initial payment of Rs 8,370, while the remaining amount can be financed through a bank loan. Based on the current loan terms, the monthly EMI works out to approximately Rs 827 over a 10 year repayment period.
The government also provides a subsidy of Rs 30,000 for a one kilowatt solar system, reducing the effective cost to around Rs 53,700. For a two kilowatt system costing approximately Rs 1,44,000, beneficiaries can receive a subsidy of Rs 60,000 after paying a down payment of Rs 14,400. The estimated monthly EMI for this system is about Rs 1,422.
Households planning to install a three kilowatt rooftop solar system can expect an installation cost of around Rs 2,06,400. Under the scheme, the government offers a subsidy of Rs 78,000, further reducing the financial burden and making larger systems more affordable for families with higher electricity consumption.
