Will government give subsidies for rooftop solar panels in 2024-25?

The Budget 2024-25 emphasised this yojana and provided that the government will give subsidies for the installment of solar panels to 1 crore households. Under this scheme, subsidies are provided for installing rooftop solar panels for residential houses to supply power to households.

Are government subsidies for solar panels a good idea?

Government subsidies for solar panels are available to help everyone install solar panels on their rooftops, making it more affordable than ever to switch to clean energy. These financial incentives not only reduce the upfront costs but also empower families to save on their electricity bills in the long run.

Who pays for rooftop PV systems?

According to the Ministry of New and Renewable Energy, the Central Government pays 30% of the installation cost for rooftop PV systems. This subsidy is appropriate in states that are in the general category.

What is the suitable rooftop solar plant capacity for households?

The suitable rooftop solar plant capacity for households is as follows: The subsidy for Group Housing Society (GHS)/ Resident Welfare Association (RWA) is Rs. 18,000 per kW for common facilities, including EV charging up to 500kW capacity at Rs.3 per kW per house.

What are the benefits of installing a rooftop solar system?

In addition to the subsidy, people can avail different other benefits by installing a rooftop solar system: Those planning to install rooftop PV systems can avail priority sector loans of up to ten lakhs from nationalized banks. This loan shall fall under the class of home loan or home improvement loan.

How much does a rooftop PV system cost?

Approximately 100 square feet of space is necessary for the installation of the rooftop PV system. The average cost of installation of rooftop PV system without subsidy is around Rs 60,000 to 70,000. After leveraging 30% subsidy, people just have to pay Rs 42,000 to 49,000 for installing a rooftop PV system.