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Solar Subsidy Scheme
Solar Subsidy Scheme
About Solar Subsidy Scheme
To boost the usage of solar energy in the residential sector, solar subsidy program is put in place under PM Surya Ghar Yojana 2024, reducing the financial burden of installing RTS, by providing financial assistance to consumers.
With this incentive, residential consumers can save up to 60% of their installation cost. A quick look at how much is the incentive and how one claim.
Key points on Subsidy Scheme
The central government launched the National Portal for Rooftop Solar, to make the process for applying for solar much simpler. Now, consumer from anywhere across India, can directly apply for a solar subsidy online, and track the entire process from application to the transfer of subsidy funds into the bank account.
It is applicable for residential consumers only.
Central Financial Assistance (CFA)
In 2022, the Indian government announced that it was implementing the Rooftop Solar Programme Phase II. Under the scheme, the Ministry of New and Renewable Energy (MNRE) will provide Central Financial Assistance to residential consumers for installing rooftop solar systems (RTS).
The programme will be implemented by DISCOMs and respective state agencies. The best part about the CFA is that it offers direct benefit transfer (DBT), i.e. consumers will directly receive the incentive in their bank accounts.
How much subsidy is available?
- Solar energy systems of capacity upto 2 KW are eligible for a subsidy of ₹30,000/KW.
- For a system capacity of 3KW, consumer can avail a subsidy of ₹78,000.
- For all system capacities exceeding 3KW, a fixed subsidy of ₹78,000 will be provided.
This is the revised subsidy structure announced under the newly launched Surya Ghar Yojana. Consequently, this CFA is available to only those consumers who apply for rooftop solar after 13th February 2024.
CFA applicable for whom ?
Currently, CFA is available to residential consumers with a grid-connected system. Moreover, Group Housing Society/ Resident Welfare Association (GHS/RWA) can also avail the incentive.
- 18,000 per kW for common facilities, including EV charging, up to 500kW capacity (@3 kW per house) with the upper limit being inclusive of individual rooftop plants installed by individual residents in the GHS/RWA
SmartEco is an empanelled EPC vendor for Karnataka under PM Surya Ghar Yojana 2024 scheme.
- The installation should be a residential grid-tie rooftop solar system upto 10KW.
- Solar panels used must be made in India (DCR panels).
- Panels must comply with Approved List of Models and Manufacturers (ALMM)
Taking the subsidy into account, here’s an estimated indicative cost of a SmartEco solutions for residential Customers. (as per prevailing commodity cost as of March 2024).
*All costs are indicative and exclusive of GST.
- The CESCOM buy-back tariff for grid exported surplus power from RTS systems under subsidy will be will be Rs.2.50/Unit as against Rs.3.79 for non-subsidy RTS (as on Jun 2024). It would be beneficial when consumption is good as compared to power export to grid.
- The DCR panels are also marginally expensive than non-DCR panels.
- The vendor for installing the subsidy scheme RTS system should be a empanelled EPC vendor
NOTE : SmartEco is a registered and empaneled EPC vendor with CESCOM. SmartEco is registered/empaneled vendor under PM Surya Ghar Yojana 2024 scheme.
Steps To Avail Subsidy
- Register and submit your application at pmsuryaghar.gov.in. No vendor or third party is allowed to do so on your behalf.
- Select your preferred vendor to execute the project from the empanelled vendor list on the portal.
- The DISCOM will conduct a technical feasibility study within the next 15 days.
- Once approved, you can install the system through registered vendor you have selected.
- After installation, you can apply for net metering and the request will be forwarded to the DISCOM.
- After an inspection of the installation , if all guidelines were met, a commissioning certificate will be issued.
- Once you submit your bank details in the portal, the funds will be credited to your account in 30 days.
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