In the interim budget for the fiscal year 2024-2025, Indian Finance Minister Nirmala Sitharaman announced a proposal to support the installation of rooftop solar systems in one crore houses through the “Pradhanmantri Suryodaya Yojana.”
These one crore households will have the opportunity to receive up to 300 units of free electricity per month through rooftop solarization. This initiative is in line with the Prime Minister’s commitment made on the day of the Ram Mandir’s consecration in Ayodhya.
Households can also expect to save between fifteen to eighteen thousand rupees per year. These savings would come from generating free solar electricity for personal consumption and the possibility of selling excess energy to distribution companies.
This announcement also led to a rise of up to 5% in the shares of solar-related stocks. India is ranked fourth in the world for its installed capacity of renewable energy, which includes large hydro, wind power, and solar power.
The country has set a challenging target of having 500 GW of renewable energy capacity by 2030, reaching zero emissions by 2070, and obtaining half of its electricity from renewable sources by 2030. This is a significant achievement in the global fight against climate change.
Reference- PIB, Economic Times, Business Standard, Mercom India, Money Control