Tata Power Solar, Bank of India to offer financing for rooftop solar installation

This will also support building of EV charging stations.

Tata Power Solar Systems Limited, a wholly-owned subsidiary of Tata Power Renewable Energy Limited, has announced its partnership with Bank of India to provide financial assistance to increase the installation of rooftop solar facilities and establishment of electric vehicle charging stations. 

“This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs),” Tata Power said. 

Under the PM Surya Ghar Yojana, residential customers seeking to install solar systems up to 3 kilowatt (KW) can avail loans up to $2,400 (INR2 Lakh) with a 5% margin money requirement. These loans have an interest rate of 7.10% per annum, with a tenure of up to 10 years. 

For installations above 3 KW and up to 10 KW, loans can be availed up to $7,200 (INR6 Lakh) with a 5% margin money requirement. Interest rates for these loans range from 8.3% to 10.25% per annum, with a tenure of up to 10 years. 

Registered housing societies and residential welfare associations, as well as UDYAM registered MSME customers can also access the loans, Tata Power said. 

Tata Power earlier announced that it is allocating $2.44b (INR20,000 crore) for its capital expenditure in fiscal year 2025, higher than the previous year’s $1.46b (INR12,000 crore), to accelerate its clean energy portfolio and boost its transmission and distribution infrastructure. 

$1 = INR83.85