TPREL Joins Hands with Canara Bank to Promote Adoption of Rooftop Solar Systems

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company Limited, has joined hands with Canara Bank, one of the country’s premier public sector banks, to promote the adoption of rooftop solar systems under the PM Surya GharScheme.

This collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future. As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.

For systems with a capacity of up to 3 kW, the scheme offers loans of up to INR 2 lakh with a 10 percent margin money requirement, collateral-free financing, a competitive interest rate of 7 percent per annum, and a tenure of up to 10 years.

For systems between 3 kW and 10 kW, the scheme provides loans of up to INR 6 lakh with a 20 percent margin money requirement, collateral-free financing, and interest rates at 10 percent per annum, with a maximum tenure of 10 years. These options ensure financial flexibility and support households in their transition to clean energy solutions.

Deepesh Nanda, CEO & Managing Director, TPREL said, “This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide. By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives” 

R Anuradha, GM, Retail Assets, Canara Bank said, “Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme. Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India’s sustainability goals. This initiative reflects our shared commitment to environmental stewardship and a cleaner, greener future”