Tata Power Solar Systems Limited has collaborated with Indian Bank to provide residential customers installing rooftop solar (RTS) systems with a collateral-free loan. Through the partnership, financing options for photovoltaic systems up to 3 kW will be made easier under the Pradhan Mantri Surya Ghar Muft Bijli Yojana programme, and support will be extended for installations between 3 and 10 kW as part of the scheme.
As part of the PM Surya Ghar Muft Bijli Yojana program, residential consumers can secure loans of up to Rs 0.2 million at a 7 per cent annual interest rate, following government guidelines. With a minimal margin money payment of 10 per cent and collateral-free funding, homeowners can avail their solar power systems. Additionally, the loan repayment term can extend to 10 years, providing flexibility and convenience. For solar installations from 3 kW to 10 kW, TPSSL and Indian Bank provide a customised financing plan that meets the varying needs of homeowners. Qualified applicants can secure loans of up to Rs 0.6 million, with a 20 per cent margin money payment. The annual interest rates vary from 8.4 per cent to 10.8 per cent.
Recently, in April 2024, Juniper Green Energy signed a power purchase agreement with Tata Power to set up an 85 MW wind-solar hybrid power project.
In March 2024, Tata Power Solar Systems Limited commissioned a solar-and-battery energy storage systems project at Rajnandgaon in Chhattisgarh.
