Tata Power and Canara Bank Partner for Rooftop Solar Loans
Tata Power Renewable Energy, a unit of Tata Power, has formed a partnership with the state-run Canara Bank to provide affordable financing options for rooftop solar installations. This collaboration is part of the government’s PM Surya Ghar Scheme, which aims to accelerate the adoption of rooftop solar systems across India. The initiative will help residential customers access clean energy solutions at lower costs and contribute to India’s renewable energy targets.
| Summary/Static | Details |
| Why in the news? | Tata Power and Canara Bank Partner for Rooftop Solar Loans |
| Partners | Tata Power Renewable Energy & Canara Bank |
| Loan Amounts | Up to Rs 2 lakh (3 kW capacity) and up to Rs 6 lakh (3-10 kW) |
| Interest Rate | 7% (up to 3 kW) and 10% (3-10 kW) |
| Margin | 10% for up to 3 kW, 20% for 3-10 kW |
| Repayment Period | 10 years |
| Collateral Requirement | None |
| Government Subsidy | 60% for systems up to 2 kW, 40% for systems between 2-3 kW (capped at 3 kW) |
| Tata Power’s Total Renewable Capacity | 10.9 GW (5.4 GW operational, 5.5 GW under development) |
| Solar & Wind Capacity Breakdown | 4.4 GW solar, 1 GW wind |
| PM Surya Ghar Scheme Goal | To promote rooftop solar adoption, supporting India’s renewable energy target of 500 GW by 2030 |
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