The PM Surya Ghar: Muft Bijli Yojana (PM-SGMBY), launched on February 15, 2024, is a transformative initiative by the Indian government aimed at providing free electricity to households through subsidized rooftop solar installations. The scheme offers a subsidy covering up to 40% of the solar panel installation cost, benefiting approximately 10 million households nationwide.
A recent report by SBI Capital Markets estimates that PM-SGMBY will unlock a ₹1.2 trillion opportunity in India’s power sector. This substantial investment is expected to invigorate various segments of the solar industry, including:
- Solar Modules: ₹480 billion
- Inverters: ₹275 billion
- Mounting Structures: ₹90 billion
- Electric Components: ₹200 billion
The scheme is anticipated to generate significant economic benefits, including job creation in the renewable energy sector and annual savings of ₹75,000 crore in electricity costs for the government. Additionally, it supports India’s commitment to increasing the use of renewable energy and reducing carbon emissions.
Households interested in availing the benefits of PM-SGMBY must meet specific eligibility criteria, such as owning a house with a suitable roof for solar panel installation and possessing a valid electricity connection. The application process involves online registration, feasibility approval from the respective Electricity Distribution Company (DISCOM), installation by registered vendors, and subsequent commissioning.
This initiative is a significant step towards achieving India’s renewable energy targets and promoting sustainable development across the country.
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