In a move to transform India’s energy sector and propelling its position as a global economic leader, Prime Minister Narendra Modi unveiled ambitious plans, aiming to position India as the world’s third-largest economy. PM Modi mentioned his approach, which involves slashing household electricity expenses by promoting the installation of rooftop solar panels across the country. PM Modi said that he wants three things, every household’s power bill should be zero, everyone should sell surplus electricity and earn money; and that he wants to make self-reliant energy sectors and everyone transition to the era of electric vehicles.
By harnessing renewable energy at home, citizens will be able to power their electric vehicles, potentially eliminating the monthly expense of transportation. PM Modi mentioned that the transportation cost of the individuals ranging from Rs 1,000 to Rs 2,000 per month should also become zero.
He further highlighted that this shift would not only lead to substantial cost reductions for the public but would also promote a cleaner, more sustainable environment. Additionally, the Prime Minister reiterated his commitment to raising India to the status of the world’s third-largest economy, ensuring continuity of policy implementation across all sectors.
PM Modi said that during Manmohan Singh’s administration, India was ranked 11th; after a lot of effort it achieved the fifth place. Now, he aims to work harder to bring the country to the third spot. He wants to maintain continuity across every sector.
Looking to the future, Modi shared his vision for India as a leader in innovation and entrepreneurship. He plans to nurture a dynamic startup ecosystem and position the country as a global center for manufacturing and innovation within the next five years.
PM Modi stated that after June 4, his plans are clear for the next 100 days and till the year 2047. He envisioned of a Viksit Bharat by the year 2047. That’s why he highlighted ’24*7 for 2047″.
The Union Cabinet’s recent approval of the PM-Surya Ghar: Muft Bijli Yojana is a critical step forward in achieving PM Modi’s vision. With a funding of Rs 75,021 crore, this initiative is set to equip 10 million households with rooftop solar panels, providing them with free electricity.
The program provides significant central financial assistance, covering 60 percent of the installation cost for 2 kW solar systems. For systems between 2 kW and 3 kW, the assistance is 40 percent of the extra cost. The government support is limited to systems up to 3 kW. Under current benchmark prices, this means a subsidy of Rs 30,000 for a 1 kW system, Rs 60,000 for a 2 kW system, and Rs 78,000 for systems of 3 kW or more.
Households can apply for the subsidy via the National Portal and have the freedom to select their preferred vendor for installing rooftop solar panels. The portal aids in the decision-making process by providing important information, such as recommended system sizes, a benefits calculator, and ratings of vendors.
Additionally, households can obtain collateral-free, low-interest loans, typically at around 7 percent, to finance the installation of residential rooftop solar systems up to 3 kW.
The scheme also introduces the creation of a Model Solar Village in each district, intended to serve as a prototype for the implementation of rooftop solar in rural settings. Furthermore, urban local bodies and Panchayati Raj institutions will receive incentives to encourage the installation of rooftop solar systems in their areas.
This initiative allows households to lower their electricity costs and potentially earn additional income by selling excess power back to distributors. Typically, a 3 kW system can produce more than 300 units of electricity each month for a household.
The goal of the scheme is to install 30 GW of solar capacity via rooftop systems in the residential sector, which is expected to generate 1,000 billion units of electricity and reduce carbon emissions by 720 million tonnes equals over the 25-year lifespan of these systems.
Additionally, the program is expected to generate around 1.7 million direct jobs in various industries, including manufacturing, logistics, supply chain, sales, installation, operation, maintenance, and other services.
