Get rid of your electricity bill… install solar panels on your roof, the government is covering the cost of up to 78,000 rupees!

PM Surya Ghar Yojana: The hefty monthly electricity bill devastates any average person's household budget. As consumption increases, so does the stress of paying the bill. 

But now, the central government's "PM Surya Ghar: Free Electricity Scheme" has provided a permanent and lasting solution to this problem. If you're considering installing solar panels on your rooftop, it's now much easier and cheaper than before. 

Under this scheme, the government provides substantial financial assistance (subsidy) of up to ₹78,000. Additionally, major banks like Bank of Baroda are also offering loans at very low interest rates. 

The direct benefit is that once a solar system is installed on your rooftop, your electricity bill will be reduced to almost zero, and you'll be able to generate your own electricity.

Understand the complete mathematics of subsidy

The best part of this scheme is that the average person doesn't have to invest a significant amount from their own pocket. 

The government transfers funds directly to your bank account based on the capacity of your solar system. Installing a 1 kilowatt panel provides assistance of ₹30,000, and installing a 2 kilowatt panel provides assistance of ₹60,000. 

Installing a 3 kilowatt or larger system provides a maximum rebate of ₹78,000. For the remaining expenses, Bank of Baroda is offering loans up to ₹2 lakh at an annual interest rate of only 5.75%. For higher expenses, you can avail of a loan of up to ₹6 lakh, with interest rates starting at 7.90%.

You will get money sitting at home without any guarantee

People often fear the hassle of visiting banks for loans. Keeping this in mind, Bank of Baroda has made solar loans up to ₹2 lakh completely online. 

The biggest relief is that for loans up to ₹2 lakh, you don't need to pledge anything, nor do you need to show any income proof or salary slips.

To apply, you must be over 21 years of age, own a roof, and have an electricity connection in your name. Additionally, your CIBIL score must be 680 or higher. 

The only documents required are your Aadhaar card, mobile number, electricity bill, and a quotation from the solar vendor. Applying online takes just 15-20 minutes, and the loan is approved and disbursed within a day or two.

10 years to repay the loan

This scheme offers customers a long repayment period of 10 years (120 months). 

This includes an initial six-month moratorium period, meaning you don't have to worry about paying EMIs during the initial months after the panel is installed. The government subsidy is directly credited to your loan account, reducing your principal and EMI burden.

Additionally, the scheme offers the wonderful benefit of "net-metering." If your solar panel generates more electricity than you need, you can return the surplus to the electricity department (grid). 

In return, a credit will be added to your bill, potentially eliminating the remaining balance. If you'd like to take advantage of this excellent opportunity, you can easily register by visiting pmsuryaghar.gov.in.