In a bid to boost solar power and sustainable progress, Prime Minister Narendra Modi today announced that his government is launching the ‘PM Surya Ghar: Muft Bijli Yojana’ which aims to light up one crore households by providing up to 300 units of free electricity every month.
PM Surya Ghar Muft Bijli Yojana
Why In News
- In a bid to boost solar power and sustainable progress, Prime Minister Narendra Modi today announced that his government is launching the ‘PM Surya Ghar: Muft Bijli Yojana’ which aims to light up one crore households by providing up to 300 units of free electricity every month.
All You Need To Know
- In order to further sustainable development and people’s wellbeing, we are launching the PM Surya Ghar: Muft Bijli Yojana.
- This project, with an investment of over Rs 75,000 crore, aims to light up 1 crore households by providing up to 300 units of free electricity every month,” the prime minister said on X.
- The scheme, designed to alleviate the financial burden on citizens, will offer substantial subsidies directly deposited into the beneficiaries’ bank accounts.
- “From substantive subsidies, which will be given directly to people’s bank accounts, to heavily concessional bank loans, the Central Government will ensure that there is no cost burden on the people,” PM Modi added.
- Government sources estimate the ₹75,000 crore capital subsidy is likely to be provided over the next 3-5 years, depending on the pace of installations and demand from the public.
- So far a few lakh solar rooftops have been installed so it remains to be seen what kind of offtake the new scheme attracts and the time taken for installations.
- If the pace is strong more funds will be provided at the time of the revised estimates of the budget.
- Currently a ₹75,000 crore outlay over a 5 year period points towards a ₹15,000 crore annual outgo .
- However, the government sources expect the pace of PM ‘Surya Ghar’ to most likely pick from the second year of the scheme, with higher outgo of subsidy likely.
- All stakeholders will be integrated to a National Online Portal, the prime minister added.
- Modi said that in order to popularise this scheme at the grassroots, urban local bodies and panchayats shall be incentivised to promote rooftop solar systems in their jurisdictions.
- “At the same time, the scheme will lead to more income, lesser power bills and employment generation for people,” the prime minister said.
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