PSBs Sanction ₹10,907 Crore in Loans to Boost India’s Rooftop Solar Adoption – EQ
In Short : Public Sector Banks (PSBs) have approved loans worth ₹10,907 crore under India’s rooftop solar scheme to promote clean energy adoption. The funding supports residential, commercial, and industrial rooftop installations, encouraging renewable electricity generation and reducing carbon emissions. This initiative strengthens India’s renewable energy capacity, advances sustainability, and contributes to the country’s broader goal of transitioning to a low-carbon, green energy future.
In Detail : Public Sector Banks (PSBs) have sanctioned loans totaling ₹10,907 crore under India’s rooftop solar scheme. The funding aims to accelerate the adoption of solar energy across residential, commercial, and industrial sectors.
The rooftop solar scheme encourages individuals and businesses to install solar panels on their premises. This helps generate clean electricity locally and reduces dependence on grid power.
Financing through PSBs makes rooftop solar more accessible by providing affordable loans. Lower interest rates and flexible repayment options enable wider participation in the scheme.
The initiative supports India’s renewable energy targets. Expanding rooftop solar capacity contributes to the nation’s goal of achieving 500 GW of renewable energy by 2030.
Rooftop solar installations also help reduce carbon emissions. By generating electricity from clean sources, users contribute to mitigating climate change and promoting sustainable energy use.
The scheme creates employment opportunities in installation, maintenance, and operations. Skilled labor is required to set up and manage rooftop solar systems, benefiting local communities.
Government incentives and policies complement the scheme by offering subsidies and tax benefits. These measures encourage more participants to adopt rooftop solar technology.
PSBs’ involvement strengthens financial inclusion in renewable energy adoption. Access to bank financing allows a broader section of society to invest in clean energy solutions.
Once implemented, the rooftop solar scheme will enhance India’s energy security, reduce environmental impact, and demonstrate a scalable model for sustainable, decentralized electricity generation across the country.
