Budget 2024: Households Can Save Up To Rs 18000 A Year; Here's Who Can Apply, Benefits and More

The scheme targets one crore families, specifically catering to poor and middle-income households, intending to lower their electricity bills.
Budget 2024: Through THESE Scheme Households Can Save Up To Rs 18000 A Year; Here's Who Can Apply, Benefits and More

Budget 2024: Through THESE Scheme Households Can Save Up To Rs 18000 A Year; Here's Who Can Apply, Benefits and More (image source: Getty Images)

Finance Minister Nirmala Sitharaman during her interim budget 2024 speech, she introduced an ambitious scheme Pradhan Mantri Suryodaya Yojana, to equip one crore households with rooftop solar panels.
Through this initiative, beneficiaries will receive up to 300 units of free electricity monthly, and can annually save up to Rs 15,000-18,000.
Union Finance Ministry in a press release on Thursday (01 February 2024) stated “Rooftop solarization and muft bijli ; 1 crore households to obtain 300 units free electricity every month through rooftop solarization. Each household is expected to save Rs.15000 to Rs.18000 annually.”
“The scheme to provide free solar electricity to 1 cr households is in line with our commitment to increase renewable energy and meet the energy needs of rural communities. By taking advantage of rooftop solar energy, households benefit from significant savings annually, while also contributing to environmental protection. It emphasizes entrepreneurship opportunities in solar supply and installation and opens up avenues for rural economic empowerment at the grassroots level. This will also meet the power needs of our electric vehicles,” said Dinesh Patidar, Chairman, Shakti Pumps.

Pradhan Mantri Suryodaya Yojana

The Pradhan Mantri Suryodaya Yojana, was announced by Prime Minister Narendra Modi on January 22, 2024, soon after Ayodhya Ram Mandir Inauguration. The scheme aims to supply power to households through solar rooftop installations. The scheme also provides monetary compensation for excess electricity output. The vision is to install rooftop solar on one crore houses and foster self-sufficiency in electricity needs.

Who Can Apply?

The scheme targets one crore families, specifically catering to poor and middle-income households, intending to lower their electricity bills. Prime Minister Modi has called for a national campaign to encourage residential users to opt for rooftop solar installations in significant numbers.
The government previously in 2014 initiated the Rooftop Solar Programme, focusing on achieving a total installed capacity of 40,000 megawatts (MW) by 2022.

Advantages Of Rooftop Solar Power Generation

The advantages include cost savings for consumers, optimal use of available roof space, reduced gestation period, and a positive impact on the environment through lowered carbon emissions.
End of Article
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