By Accommodation Times News Services
Provision of bank loans as a part of home loan/ home improvement loan
Under ‘Grid Connected Rooftop and Small Solar Power Plants Programme’ of the Ministry 360 MWp projects have been sanctioned and 54 MWp aggregate capacity of projects have been installed. Under ‘Off-grid & Decentralized Solar Applications’ programme 108 MWp solar rooftop/ground mounted systems have been installed in the country for captive consumption. This was stated by Sh. Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy in a written reply to a question in the Rajya Sabha today.
The Minister said that the systems are coming up with investment from rooftop owners and developers. Financing at low cost is important and one of the main factors for promotion.
The Minister further stated that the following steps have been taken by the Government to promote/encourage installation of grid connected solar roof top systems in the country:
Ø Target set for installation of 40,000 MWp by year 2022.
Ø 15% Government subsidy for non-commercial and non-industrial categories for using domestic solar panels
Ø Accelerated depreciation benefits for industrial and commercial buildings
Ø Custom duty concessions and excise duty exemptions
Ø 10 years tax holiday
Ø Loans available under Priority Sector Lending upto Rs. 10 lakhs for individuals
Ø Provision of bank loans as a part of home loan/ home improvement loan
Ø Loans for system aggregators from Indian Renewable Energy Development Agency Limited (IREDA) at concessional interest rate (9.9% to 10.75% per annum)
Ø Electricity Regulatory Commissions of 19 States/UTs have notified regulations for grid connectivity, net-metering/feed-in-tariff mechanism.