The Indian Ministry of New & Renewable Energy approved one of the largest subsidy programs for rooftop solar power projects.
According to media reports, the ministry has approved subsidies for setting up 100 MW of rooftop solar power capacity in the southern state of Tamil Nadu. The capital cost support will be provided to residential and institutional entities that plan to set up rooftop solar power projects. The subsidy will be distributed by Tamil Nadu Energy Development Agency.
The ministry considered the benchmark capital cost of rooftop solar power projects as Rs 75/W (US$1.1/W) and shall provide Rs 22.5/W (US$0.33/W) as a subsidy to eligible entities who can qualify for this support on a first-come-first-serve basis.
The subsidy will be offered under the ministry’s grid-connected rooftop and small-scale solar power projects program wherein a total capacity of 3.5 GW will be supported across the country.
India is planning to have an installed capacity of 40 GW of rooftop solar power by March 2022; so far it has managed to install 1 GW capacity. The Indian government and several private as well as public financial institutions have received financial assistance assurances from international development banks.
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