PM Solar Yojana Loan: Get free electricity with a loan of up to ₹6 lakh

 PM Solar Yojana Loan: Solar energy has become an essential and eco-friendly energy source in today's times. Solar panels generate electricity from the sun's energy without pollution. Considering the importance of solar systems, the Government of India is promoting their installation through various subsidy schemes. Installing a solar system can significantly reduce the electricity bill, thereby providing financial relief to the citizens. In this article, we will discuss how you can benefit from free electricity by installing a solar system through a loan from leading banks in the country.

PM Surya Ghar Free Electricity Scheme

On 22 January 2024, Prime Minister Narendra Modi announced a solar panel scheme that would see solar panels installed on the roofs of one crore homes across the country. Under this scheme, citizens will get up to 300 units of free electricity. The government has allocated around ₹75,000 crore for this initiative. The subsidy provided under this scheme is much higher than previous solar panel schemes, allowing citizens to install solar systems at a very low cost, which can be recovered in a few years.

Under this scheme, citizens can avail subsidy of ₹30,000 on 1 kW solar system, ₹60,000 subsidy on 2 KW solar system and ₹78,000 subsidy on 3 to 10 KW solar system. The scheme also provides loan facility through reputed banks. Solar subsidy is available only for on-grid solar systems up to 10 kW.

How to apply for a loan under PM Surya Ghar Mufta Electricity Yojana? – PM Solar Yojana Loan

The government has specified the banks where citizens can apply for a loan for installing solar systems.

Central Bank of India:

Citizens can apply for loans to install solar systems up to 3 kilowatts. The bank gives a maximum loan of ₹6 lakh, for which an application must be made by a registered vendor or contractor.

Punjab National Bank (PNB):

PNB provides loans for installing solar systems up to 10 kilowatts. A maximum loan of ₹ 6 lakh is offered and the loan application must be done by a registered vendor or contractor.

Canara Bank:

Canara Bank provides loans for installing solar systems up to 3 kilowatts. A maximum loan of ₹2 lakh is offered and the loan application must be made through a registered solar vendor or EPC contractor.

State Bank of India (SBI):

SBI provides loans for installing solar systems up to 3 kilowatts. This bank provides maximum loan of ₹2 lakh and the loan amount including subsidy will be transferred to the loan account of the seller.

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By availing solar subsidy, citizens can install solar panels at low cost. If it is not possible to pay the full amount upfront, loans can be obtained from banks for installing solar systems. Once installed, solar systems can provide power for up to 25 years, reducing carbon emissions and contributing to a greener future.