Prime Minister Narendra Modi has made a significant announcement, revealing that over 10 million households have already signed up for the PM-Surya Ghar: Muft Bijli Yojana, a solar rooftop scheme. This initiative has garnered substantial interest, with states like Assam, Bihar, Gujarat, Maharashtra, Odisha, Tamil Nadu, and Uttar Pradesh each witnessing registrations surpassing 500,000.

In a recent statement, PM Modi expressed his delight, highlighting the rapid response to the program since its launch just a month ago. He encouraged those who haven't registered yet to do so promptly.

The PM Surya Ghar: Muft Bijli Yojana, introduced during the interim Budget presentation on February 1, aims to illuminate one crore households by investing over Rs 75,000 crores. Under this scheme, households can receive up to 300 units of electricity free of cost every month.

But what exactly is the PM Surya Ghar Muft Bijli Yojana? It's a government initiative offering free electricity to households opting for rooftop solar electricity units. Eligible households can benefit from 300 units of free electricity per month.

This scheme primarily targets households with up to 3 kW solar systems, encompassing a vast majority of residential consumers across India.

For those wondering about the subsidy, the program provides a 60% subsidy for systems up to 2 kW capacity and a 40% subsidy for systems between 2-3 kW. However, the subsidy is capped at systems up to 3 kW, with no financial aid available for capacities exceeding this limit.

Beneficiaries stand to gain significant financial support through subsidies, receiving Rs 30,000 for 1 kW systems, Rs 60,000 for 2 kW systems, and Rs 78,000 for 3 kW systems or higher, based on current benchmark prices.

So, how can households get these solar systems installed? It's a straightforward process:

Register on the national rooftop solar portal.
Select a vendor from the portal's provided list.
Ensure a valid electricity connection without availing any other solar panel subsidy.
In cases where the installation cost exceeds the subsidy amount, households can opt for collateral-free, low-interest loans until the subsidy is disbursed. Consumers can pay 10% upfront and secure a loan for the remaining 90% at a 7% interest rate. Once the central subsidy is received upon system commissioning, it offsets the loan, with the remaining 30% repaid over a 10-year period through monthly installments.

Several banks offer loans at approximately 7%, calculated at 0.5% above the prevailing repo rate. This interest rate remains stable for systems up to 3 kW, ensuring affordability and accessibility for beneficiaries.

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