The ambitious plan, which Prime Minister Narendra Modi launched in February 2024, is to minimize dependence on traditional power sources and empower citizens to become energy producers by giving one crore residential homes free electricity through rooftop solar installations.
According to the Ministry, 47.3 lakh applications have been submitted for the PMSGMBY scheme, and 6.13 lakh beneficiaries have successfully received subsidies totaling Rs 4,770 crore. One of the scheme's main features is the availability of collateral-free loans through 12 Public Sector Banks (PSBs) at a 6.75 percent subsidized interest rate for loans up to Rs. 2 lakhs, which makes rooftop solar installations more affordable for everyone.
Up to March 10, 3.10 lakh loan applications were received, 1.58 lakh of which were approved, and 1.28 lakh of which were issued, guaranteeing greater accessibility for possible recipients. According to the Ministry, recipients earn up to Rs 78,000 in subsidies for rooftop solar systems up to 3KW, which significantly reduces installation costs.
Chandigarh, Daman, and Diu are at the leading edge of the country's renewable energy adoption, having met all of their government building rooftop solar targets. States like Tamil Nadu, Gujarat, Maharashtra, and Rajasthan are also making a substantial contribution to the total installation numbers.
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