This collaboration aims to facilitate easy access to financing for homeowners, setting the stage for a greener future.
Tata Power Solar Systems Limited (TPSSL) has formed a strategic partnership with Indian Bank, a prominent public sector bank, to enhance the adoption of solar rooftop solutions in residential sectors. This partnership is particularly geared towards supporting the Pradhan Mantri Surya Ghar Muft Bijli Yojana, a government initiative encouraging solar installations.
Under the terms of the partnership, financing options will be made available for residential solar installations, encouraging the adoption of systems up to 3 kW under the Muft Bijli Yojana, with further support extending to systems between 3 kW and 10 kW. Residential customers will benefit from loans up to ₹2 lakh at a favorable interest rate of 7% per annum, along with a minimal down payment of 10% and the advantage of collateral-free financing. These loans are designed to be repaid comfortably over a period of up to 10 years, enhancing accessibility and ease for homeowners.
For larger installations ranging from 3 kW to 10 kW, TPSSL and Indian Bank are offering a customized financing plan, where eligible homeowners can secure loans up to ₹6 lakh. This tiered financing option has a margin money requirement of 20% and interest rates between 8.4% and 10.8% per annum, providing competitive and diverse financial solutions to meet different consumer needs.
Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed the company’s dedication to advancing sustainable energy solutions. “This partnership aligns with our mission to promote renewable energy and supports the government’s vision under the PM Surya Ghar Muft Bijli Yojana. We are committed to empowering homeowners to adopt solar energy, facilitating a significant energy transition across the country,” said Nanda.
Shri Vikas Kumar, Chief General Manager of Retail Assets & MSME at Indian Bank, highlighted the initiative’s role in promoting energy goals and social upliftment. “Our collaboration with TPSSL not only furthers the objectives of the PM Surya Ghar initiative but also reinforces our commitment to fostering sustainable energy solutions and economic growth.”
The alliance integrates seamlessly with government efforts to promote residential solar adoption, making sustainable energy solutions more accessible and affordable for a wider range of households. TPSSL, with its extensive experience and a strong solar rooftop portfolio, continues to lead in the renewable energy sector, demonstrating a profound commitment to customer satisfaction and energy innovation.
