How to Get Qualify for Subsidy on Solar PV Systems?
Electricity supply is quite unreliable in most parts of India. Due to increased scheduled as well as unscheduled power outages in most of the cities in India, the interest rate in using generated electricity through alternate sources gets increased. However, the high capital cost of setting up systems to tap energy through renewable sources is a deterrent in taking up large-scale deployments of the same. The Government of India launches several schemes that ensure low-interest finances for solar energy for promoting electricity generation using solar systems. The primary objective of these schemes that make subsidy claims easier than ever is to achieve large-scale deployment of solar energy systems and also to assist domestic production of critical raw materials, components, and products to achieve grid parity as soon and fast as possible.
As part of the scheme, the Govt. has initiated the subsidy on solar PV systems to help individuals, as well as organizations, procure these solar energy systems at reduced capital costs. The scheme is being implemented by various urban and rural development agencies formed to provide as low as 40% subsidy on capital costs of Solar PV systems for units located in both urban and rural areas in India.
Subsidy Guide for Rooftop Solar PV Plants in Odisha
To save and resources for the future generation, the Department of Renewable Energy, Odisha has started an electricity-saving project called solar rooftop power plant. Every residential, institutional, private, social sector, commercial and industrial sector across the Odisha state can install rooftop solar PV plants under this scheme. We all know the limitless advantages of solar PV systems and its importance in our daily lives; however, not everyone is adopting it in the residential/commercial/industrial sectors. Why? Because of the expensive nature obviously!
The Government, therefore, started thinking about initiating an easy solar system financing option throughout India including Odisha. The objective of giving easy financing for solar installation is to cut down 30-70% of electricity costs over the lifetime. Also, you can get tax rebates by submitting the appropriate papers at the office of Income Tax. The easy solar system financing is a way to aware people of solar schemes and benefits of going green which is cost-effective and almost 90% off over normal electricity served.
Why Should You Install On-Grid Solar Systems?
- Reduce your electricity bill up to 90%
- Life more than 25years
- Payback period about 5 years
- No maintenance required
- Additional FAR up to 12% allowed
- An additional incentive of up to Rs. 1.00 per unit on total solar power generated in electricity bills
- Feed excess solar power to the grid through the net-metering facility
- Generate approximately 1500 Units of electricity per kWp annually
Important Things to Know about Solar System Installation
- Space required: approx 10sq.mt./kwp
- No application fee; just a call to the best solar project developer in town
- No permission required from housing board development authorities
- Subsidy claims are available for on-grid solar systems and off-grid solar systems
- Solar panels should be made in India and owned from the certified solar products supplier
In a tweet, the Modi-led government has announced that the cost of a rooftop solar project would decline by approximately half with the subsidies. And, this is not a false statement. The govt. has already started doing things committed to people and low-interest for solar financing is no exception to that. This initiation has encouraged consumers to take up green energy into account more than ever.
As Odisha is a full agriculture state, solar energy can be used in several ways – for saving money, increasing self-reliance, and reducing pollution. The agricultural region provides a livelihood to over 50% of India’s population and Odisha contributes to this number as well. The agriculture sector contributes 18% to the country’s GDP. However, the agricultural sector needs good irrigation facilities and other amenities to reap proper benefits. The primary constraint in this sector is farmer’s dependency on pumps for irrigation. Most of the farmers use pumps some of which are connected to the grid while some of the pumps run on diesel and other fossil fuels. Solar energy is one of the most vital renewable sources of energy that can be used for different purposes.
Process to Get Low-Interest Finances for Solar Energy in Odisha
- The most important thing which a buyer is required to do is to contact a reliable solar project developer in Odisha or a trusted solar supplier of solar PV systems in Odisha. Note that the solar dealer in Odisha should be certified and approved by the Ministry of New and Renewable Energy.
- Some specific models have been approved by the MNRE and only those are supposed to be considered as eligible for subsidy claims.
- A total of 40% subsidy on solar PV systems can be claimed under circumstances where the cost is higher than the cost of the unit. But, the capital subsidy will be fully restricted to the maximum amount of capital subsidy if the unit cost is more than the benchmark cost.
- The low-interest finances for solar energy aren’t obtainable to public or private limited companies.
- The individual applying to easy financing for solar installation must have an existing bank account with a regional rural bank or commercial bank. One can approach nationalized public banks for this function as well.
- After verification of all the documents submitted and the project proposal, the bank will process the loan and forward the necessary documents for subsidy claims.
Keeping in mind the expense of installing a solar system, the major objective of this initiation is to offer a subsidy scheme so that both individuals and organizations can be helped in obtaining solar energy systems at a reduced capital cost.
WhiteShark Energy is one of the recognized solar EPC companies and solar product dealers in Bhubaneswar, Odisha that gives you full details about the solar on-grid systems and solar off-grid power system. Again, we are an awarded and certified solar supplier in Bhubaneswar that helps people getting easy solar system financing for home/business/agriculture. Get in touch today!