Wednesday, April 02, 2014: The National Housing Bank (NHB) signed a memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), government of India (GOI) to facilitate the flow of the solar subsidies granted under the National Solar Mission. The deal was signed yesterday, and it aimed at ridding MNRE from a ‘repeat’ delay in the subsidy facilitation; like in the solar power plant subsidy claims that are still to be figured out.
NHB said that under the MoU, “NHB will act as a nodal agency for channelising the capital subsidy available under the Jawaharlal Nehru National Solar Mission (JNNSM),” in a release.
The solar subsidy includes up to 30 per cent cover on the total cost of setting up a solar heating system, and 40 per cent on that of the solar lighting systems.
According to a Business Standard report, NHB and MNRE signed this consent to further promote the use of solar water heating and solar lighting equipments in homes, as well.
“NHB is also offering re-finance support to the retail lending institutions in respect of their loans extended to individuals for purchase and installation of solar water heating and solar lighting equipments in homes.”
These authorised subsidies will be delivered via banks that may be commercial, cooperative or regional and rural banks, along with housing finance companies. The report said that these parties will then pass on the “subsidy to beneficiaries with the loan for purchase and installation of approved equipment.”
