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.

Key Features of the Partnership

Loan Offers for Rooftop Solar Systems

Up to Rs 2 Lakh Loans: Available for systems with up to 3 kW capacity.

• Interest Rate: 7% per annum.
• Margin: 10% required.
• Repayment Period: 10 years.
• Collateral: No collateral required.

Up to Rs 6 Lakh Loans: Available for systems with a capacity ranging from 3 kW to 10 kW.

• Interest Rate: 10% per annum.
• Margin: 20% required.
• Repayment Period: 10 years.
• Collateral: No collateral required.

Government Subsidy

• Up to 60% Subsidy: Available for systems with capacities up to 2 kW.
• 40% Subsidy: For systems between 2 kW and 3 kW (subsidy capped at 3 kW).

Benefits

• The collaboration aims to simplify access to clean energy solutions for Indian households.
• The financing options allow customers to install rooftop solar systems without the burden of significant upfront costs.
• Supports India’s goal of achieving 500 GW of installed renewable energy capacity by 2030.

Tata Power’s Renewable Energy Capacity

• Total renewable capacity of 10.9 GW, including 5.5 GW under development.
• Operational capacity is 5.4 GW, consisting of 4.4 GW of solar energy and 1 GW of wind energy.

Government’s Renewable Energy Push

• India aims for substantial growth in renewable energy, focusing on solar power to reach its 2030 target.
• The partnership helps further this goal by enabling a greater number of residential homes to transition to solar energy.

Objective

• The initiative focuses on advancing India’s renewable energy objectives and making clean energy solutions more accessible for households across the country.

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