The National Bank for Agriculture & Rural Development in association with the Union ministry of new and renewable energy, has firmed up plans to promote solar energy penetration through a multi agency approach.
Nabard, run by the central government, has launched a capital subsidy cum refinance scheme for installation of solar off grid (photovoltaic and thermal) applications. This is to enable cooperative banks and regional rural banks to extend capital subsidy and loans at subsidised rates to people opting to install solar applications such as home lighting, water heaters and irrigation pumps.
Mr Prakash Bakshi executive director of Nabard told Business Standard that “Under the scheme, the borrowers will get 30% capital subsidy and bank loan at five per cent interest per annum for installing solar devices in their premises. To begin with, the scheme would cover solar home lighting systems (photo-voltaic) having PV module capacities ranging from 10 Watt-peak (Wp) to 200 Wp per unit and Flat Plate and Evacuated Tube Collector-based water heating systems. The scheme is likely to be extended to cover higher PV modules shortly.”
He said Nabard was also encouraging banks to set up demonstration solar home light units in about 20 of their branches, with 50% subsidy from Nabard.
He said that “Over 10 RRBs and three cooperative banks have opted to do so. The average cost of an SHL is about INR 13,500, with a loan of about INR 10,000 per unit. The advantage is that villagers see a live demonstration of the effectiveness of the SHL when they visit the branch and may opt for loans on being satisfied that it is useful. Since this is a home lighting system, it is not expected to generate revenues, but the savings made on kerosene and erratic electricity is enough to repay the loan in three to four years.”
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