Tata Power and Canara Bank Collaborate to Promote Rooftop Solar Solutions

23 Dec 2024

Tata Power Renewable Energy, a subsidiary of Tata Power, has associated with the state-owned Canara Bank to encourage the adoption of rooftop solar systems through the government-supported PM Surya Ghar Yojana, which offers affordable financing solutions to households in India.

As per the company statement, it is stated that the initiative seeks to make clean energy solutions more accessible by offering loans for residential solar installations. Loans of up to Rs 2 lakh are available for systems with a capacity of up to 3 kW, requiring only a 10% margin and no collateral. The loans come with an interest rate of 7% per annum and a repayment term of a decade.

For larger systems, between 3 kW and 10 kW, loans of up to Rs 6 lakh are available with a 20% margin, no collateral requirement, and an annual interest rate of 10%, to be repaid over a decade. Deepesh Nanda, CEO and MD, Tata Power Renewable Energy, stated, “Our collaboration with Canara Bank represents a key milestone in driving the widespread adoption of rooftop solar systems across the country.”

He added, "Through offering affordable financing options under the PM Surya Ghar Yojana, our goal is to make clean energy solutions accessible to every household, foster a sustainable energy ecosystem, and further India's renewable energy objectives." This partnership underlines efforts towards advancing clean energy solutions in India, with the goal of reaching 500 GW of installed power capacity from non-fossil sources by 2030.