Tata Power Solar Systems partners with Indian Bank to enhance residential solar adoption
Tata Power Solar Systems Limited (TPSSL), a top solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has joined forces with Indian Bank to promote the adoption of solar rooftop solutions among residential consumers. This partnership focuses on facilitating accessible financing under the Pradhan Mantri Surya Ghar Muft Bijli Yojana for installations up to 3 KW and supporting larger installations up to 10 KW.
Under the Pradhan Mantri Surya Ghar Muft Bijli Yojana, residential consumers can now secure loans up to ₹2 lakh at an attractive annual interest rate of 7%, following government guidelines. This initiative requires only 10% margin money and offers collateral-free financing, making it easier for homeowners to begin their transition to solar energy. The repayment tenure of up to 10 years adds further convenience and flexibility.
For solar installations ranging from 3 to 10 KW, Tata Power Solar Systems and Indian Bank have crafted a specialized financing solution. Eligible homeowners can obtain loans up to ₹6 lakh, with a margin requirement of 20% and interest rates varying from 8.4% to 10.8% per annum, providing competitive options to cater to diverse financial needs.
Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed his commitment to a sustainable future, stating, “This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives aimed at promoting rooftop solar adoption. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyze energy transition nationwide.”
Shri Vikas Kumar, Chief General Manager, Retail Assets & MSME at Indian Bank, also commented on the initiative, “We are honoured to advance the goals of PM Surya Ghar Muft Bijli Yojana. This partnership underscores our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India’s energy objectives and ensure the success of this commendable initiative.”
Tata Power Solar Systems has established a significant presence in the renewable energy sector, with a solar rooftop portfolio exceeding 2 GW across various states and cities. The company offers a range of solutions tailored to residential, commercial, industrial, and MSME needs, demonstrating a commitment to meeting diverse energy requirements. With over 34 years of experience and leveraging the Tata brand’s trust, TPSSL excels in operational and maintenance services across 275+ cities, showcasing technological prowess with its indigenous cells and modules.
Aligned with the Government’s initiative to champion residential solar energy, this collaboration between Tata Power Solar Systems and Indian Bank is set to make solar solutions more accessible and affordable, broadening their adoption and impact. As the company continues to innovate and expand its reach, Tata Power Solar Systems is dedicated to driving the renewable energy revolution, ensuring customer satisfaction and reinforcing its position as a leader in the sector.