Finance Minister Nirmala Sitharaman recently unveiled the ambitious Pradhan Mantri Suryodaya Yojana 2024, a groundbreaking initiative aimed at revolutionizing the energy landscape in India. The scheme, with an allocation of ₹10,000 crore, focuses on promoting rooftop solar installations for one crore households, fostering sustainable energy practices, and generating economic opportunities.
The scheme is expected to empower households by offering substantial savings, ranging from ₹15,000 to ₹18,000 annually.
Through rooftop solarization, one crore households will receive up to 300 units of free electricity every month, reducing their dependence on conventional power sources.
PM Suryodaya Yojana aims to create entrepreneurship opportunities by engaging a large number of vendors for the supply and installation of rooftop solar systems.
Youth with technical skills in manufacturing, installation, and maintenance will find employment avenues, contributing to skill development and economic growth.
The scheme aligns with the push towards electric vehicles (EVs) by facilitating more EV charging stations.
This move not only supports clean energy but also propels the country towards sustainable transportation solutions.
Acknowledging the potential for growth, the Indian Solar Manufacturers Association President, Ashwani Sehgal, sees a substantial opportunity for solar manufacturers, estimating a robust 30 GW market.
According to Crisil Market Intelligence & Analytics Director-Research Miren Lodha, the initiative could lead to capacity additions of 20-22 GW, with potential investments ranging from ₹91,000 to ₹1,10,000 crore.
The Council on Energy, Environment, and Water (CEEW) suggests that 20-25 GW of rooftop solar capacity would be supported. The solarization of demand from residential consumers is expected to save around ₹2 lakh crore for distribution companies over the next 25 years.
The budgetary allocation for solar (grid) is 110% higher at ₹10,000 crore for FY25, indicating the government's commitment to the success of the scheme.
If fully implemented, the scheme could achieve 80-85% of the overall government target of 40 GW in rooftop solar installation.
The Pradhan Mantri Suryodaya Yojana targets 1 crore families, primarily focusing on poor and middle-income households to help them reduce electricity bills through rooftop solar installations.
Interested beneficiaries can install solar rooftop systems through project developers, system integrators, or manufacturers, subject to necessary approvals from DISCOMs.
In 2014, the government initiated the Rooftop Solar Programme with a target of achieving 40,000 MW (40 GW) of installed capacity by 2022.
The Pradhan Mantri Suryodaya Yojana represents a significant stride towards sustainable energy practices, economic empowerment, and job creation. With its multifaceted approach, the scheme not only addresses household energy needs but also aligns with broader national objectives of environmental conservation and economic development. As the nation embarks on this solar journey, the potential benefits are substantial, promising a brighter, cleaner, and more economically vibrant future.
