Tata Power Teams Up with Canara Bank to Boost Rooftop Solar Adoption Under PM Surya Ghar Scheme

Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited and a leading name in India’s renewable energy sector, has partnered with Canara Bank, one of the country’s prominent public sector banks, to promote rooftop solar systems under the PM Surya Ghar Scheme.

This collaboration seeks to make solar energy more accessible to households by offering attractive financing options, empowering citizens to embrace sustainable energy solutions. Through this initiative, households can take advantage of tailored financing under the PM Surya Ghar Scheme, simplifying the adoption of rooftop solar systems.Mr. Deepesh Nanda, CEO & Managing Director, TPREL said, “This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide. By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives”.

Ms R Anuradha, GM, Retail Assets, Canara Bank said, “Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme. Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India’s sustainability goals. This initiative reflects our shared commitment to environmental stewardship and a cleaner, greener future”

For systems with capacities up to 3 kW, the scheme offers loans of up to ₹2 lakh, requiring just a 10% margin, with collateral-free financing, an annual interest rate of 7%, and a repayment tenure of up to 10 years. For systems ranging from 3 kW to 10 kW, households can secure loans of up to ₹6 lakh, with a 20% margin, collateral-free financing, a 10% annual interest rate, and a maximum tenure of 10 years. These options provide financial flexibility, enabling households to transition to clean, renewable energy solutions with ease.