India has taken a big step towards clean energy with the launch of the Pradhan Mantri Surya Ghar Yojana (PMSGY) in February 2024. This scheme aims to help people install solar panels on their rooftops. 

According to a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research, over 13 million registrations and 1.8 million applications have been made within the first six months.

The plan is to add 30 gigawatts of solar power from rooftop panels across 10 million households by 2027. So far, 3,85,000 installations have been made, which is equivalent to powering 1.8GW of new energy capacity.

Source: https://ieefa.org/resources/unleashing-residential-rooftop-solar-potential

The scheme is going to play a major role in India’s step towards energy independence by focusing on decentralized solar energy.

According to experts, India can reach its goal of 500GW of renewable energy by 2030 by adding  8-10GW of solar capacity every year. This will not only make the country less dependent on traditional energy sources but will also help in reducing pollution.

Jyoti Gulia the founder of JMK Research and Vibhuti Garg Director of South Asia IEEFA underlined the government initiatives and upgraded financial options for solar energy adoption. Over 25 financial institutions, including banks and fintech companies, have started offering solar financing.

This process makes it easier for people to access loans and financial help to install solar panels. However, differences in state policies and issues with the National Portal for Rooftop Solar (NPRS) have slowed down the process in some areas.

Despite these problems, the PMSGY has received strong support and is a significant step in making India’s future more sustainable with the use of clean, renewable energy.

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