Pradhan Mantri Suryodaya Yojana Initiates Installation of Solar Panel

With each passing day, the demand of sustainable energy is increasing in leaps and bounds giving rise to the awareness of using renewable sources of energy as a potential replacement of conventional nonrenewable energies. Indian Government has already declared a whole new scheme ‘Pradhan Mantri Suryodaya Yojana’, with a goal of installing solar panels in over 10 million households.  Prime Minister Narendra Modi announced that, 700,000-800,000 households currently powered by solar energy.

Photovoltaic panels which are installed on the roofs of buildings and connected to the main power supply unit, which reduces the reliance on grid-connected electricity, leading to cost savings for consumers.  Government has already set a target of 40 GW annual solar power generations for the next 5 years to reach a 500 GW non-fossil fuel capacity target by 2030. 

Co-Founder and Chief Business Officer of Credit Fair, a consumer lending fintech start-up, Vikas Agarwal, said, "Since 2016, the rooftop solar (RTS) capacity in India has grown to 2.7 GW. The Ministry of New and Renewable Energy (MNRE) rolled out Rooftop Solar Programme Phase-II in 2019 with an aim to achieve 40 GW of rooftop solar. With the launch of Pradhan Mantri Suryodaya Yojana (PMSY), we expect an accelerated adoption of solar energy. Having said that, the RTS adoption hasn’t gained the desired momentum due to two reasons – lack of awareness among people and unavailability of easy RTS finance. However, we are hopeful that with government support, the RTS demand and adoption will increase."