Tata Power Solar Systems Limited (TPSSL), a prominent solar company in India, has joined forces with Indian Bank to promote the uptake of solar rooftop systems among residential consumers. This strategic partnership aims to facilitate financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme, providing support for installations ranging from 3 to 10 KW.
Under the collaboration, residential consumers can access loans of up to ₹2 lakh at an annual interest rate of 7% for installations up to 3 KW, in adherence to government guidelines. With a minimal margin money requirement of 10% and collateral-free financing, homeowners are empowered to embark on their solar journey with ease, with repayment tenures extending up to 10 years.
For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank offer tailored financing solutions. Eligible applicants can secure loans of up to ₹6 lakh, with a margin money requirement of 20% and competitive interest rates ranging from 8.4% to 10.8% per annum.
Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed the company’s commitment to advancing renewable energy solutions and hailed the partnership as a significant step towards promoting rooftop solar adoption.
Shri Vikas Kumar, Chief General Manager of Retail Assets & MSME at Indian Bank, emphasized the initiative’s alignment with the PM Surya Ghar Muft Bijli Yojana goals and underscored the bank’s dedication to fostering awareness, growth, and social upliftment.
Aligned with the government’s agenda to promote residential solar, the collaboration between TPSSL and Indian Bank seamlessly integrates with the core objectives of the PM-Surya Ghar Muft Bijli Yojana initiative, aiming to enhance accessibility and affordability for a wider range of stakeholders.
TPSSL, with its extensive solar rooftop portfolio of over 2 GW, stands as a frontrunner in the renewable energy landscape. Leveraging its expertise and the trusted Tata brand, the company is dedicated to meeting diverse energy needs and delivering operational excellence and customer satisfaction across multiple cities.
The partnership between TPSSL and Indian Bank signifies a significant stride towards promoting solar rooftop adoption among residential consumers in India. With tailored financing solutions and alignment with government initiatives, the collaboration aims to drive widespread adoption of solar solutions and contribute to India’s energy objectives
