New Delhi [India], January 14 : The Union Ministry of New and Renewable Energy has notified Scheme Guidelines for the implementation of the 'Payment Security Mechanism' Component and 'Central Financial Assistance' Component for RESCO Models/Utility Led Aggregation Models under PM-Surya Ghar: Muft Bijli Yojana.
The scheme offers two alternative implementation models for the installation of rooftop solar plants for consumers: the RESCO (Renewable Energy Service Company) model, where third-party entities invest in rooftop solar installations, allowing consumers to pay only for the electricity consumed without bearing the upfront costs; and the Utility-Led Aggregation (ULA) model, where DISCOMs or state designated entities will install rooftop solar projects on behalf of individual residential sector households.
Under this scheme component, a Rs 100 crore corpus fund has been earmarked for Payment Security Mechanism (PSM) for de-risking investments in RESCO-based grid-connected rooftop solar models in the residential sector, which may be supplemented through other grants, funds and sources after due approval of the Ministry.
These guidelines are in addition to the existing mode of implementation undertaken by consumers (capex mode) through the national portal (https://www.pmsuryaghar.gov.in/), and these alternative models will supplement the national portal-based implementation of the scheme, the Ministry of New and Renewable Energy on Tuesday added.
The PM Surya Ghar: Muft Bijli Yojana is a landmark initiative that was launched by Prime Minister Narendra Modi on February 15, 2024. It aims to transform India's energy landscape by providing free electricity to households.
This ambitious scheme empowers households to harness solar energy by offering a substantial subsidy covering up to 40 per cent of the cost of installing solar panels on their rooftops.
By enabling widespread adoption of solar power, the scheme is poised to benefit 1 crore households across the country.
Furthermore, it is projected to generate significant savings for the government, estimated at Rs. 75,000 crores annually in electricity costs. Through this initiative, the government underscores its commitment to promoting sustainable energy and ensuring energy access for all.
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