New Delhi: Tata Power Renewable Energy Ltd (TPREL) has partnered with Bank of Baroda to offer loans for residential rooftop solar projects, making solar adoption financially accessible. Under the agreement, customers can avail loans of up to ₹6 lakh at interest rates starting at 7% per annum, with both fixed and floating rate options.
The initiative is part of the PM – Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar panels in one crore households by March 2027. The scheme offers flexible financing, requiring a minimum margin contribution of 10% and no collateral for loans up to ₹2 lakh.
Loan Details and Eligibility
Homeowners installing solar panels up to 3 kW can get loans up to ₹2 lakh without income documentation.
For installations between 3 kW and 10 kW, customers can apply for loans up to ₹6 lakh with a 20% margin contribution.
Repayment tenure extends up to 10 years.
Bank of Baroda’s home loan customers will get interest rates between 9.15% and 11%, while others will be charged between 10.15% and 12%.
Government’s Push for Renewable Energy
The partnership aligns with the government’s efforts to expand solar energy adoption in residential areas. By offering easier financing, the collaboration aims to accelerate the shift toward clean energy while reducing dependency on conventional power sources. With the demand for solar energy increasing, financial institutions and energy companies are focusing on simplifying access to funds for renewable energy projects.
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