New Delhi, Feb 20 (KNN) The government's proposed rooftop solar power solutions for one crore homes nationwide are anticipated to offer 30-40 GW of rooftop solar installation prospects over the next 2-3 years, as per industry insiders.

Under the PM Surya Ghar: Muft Bijli Yojana scheme, the government aims to illuminate 10 million homes with clean power, as announced by Prime Minister Modi, reported BL.

In a tweet, he highlighted the initiative's significance in advancing sustainable development and enhancing people's well-being. With an investment exceeding Rs 75,000 crore, the project intends to provide up to 300 units of free electricity every month to 1 crore households.

Substantial subsidies and concessional bank loans will be provided to alleviate any financial burden on citizens, said the Prime Minister.

Additionally, stakeholders will benefit from integration into a National Online Portal, ensuring convenience. “The scheme will lead to more income, lesser power bills and employment generation for people,” he added.

Praveen Sinha, Managing Director & CEO of Tata Power, anticipates a capacity addition of approximately 30 to 40 GW through the proposed rooftop program in the next few years.

Tata Power, with its significant in-house solar module and cell manufacturing capacities in Tamil Nadu and Karnataka totalling 4.9 GW, is poised to emerge as a key supplier, boasting an 18 per cent market share in the rooftop sector.

Data indicates that the country has achieved self-sufficiency in solar module production but still lacks substantial capacity in solar cell manufacturing, according to R K Singh, Secretary, Union Minister for New & Renewable Energy.

Industry analysts project that the PM's initiative will not only promote sustainable energy practices but also provide financial relief to households.

Rating agency Crisil estimates that the Suryoday Yojana could add 20-22 GW in capacity. Miren Lodha, Director-Research at CRISIL Market Intelligence & Analytics, suggests that if fully implemented, the scheme could achieve 80-85 per cent of the government's overall target of 40 GW in rooftop solar installation.

(KNN Bureau)