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					</table><p>Tata Power Solar Systems Limited (<a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">TPSSL</a>) will partner with the <a href="https://indianbank.in/en/" target="_blank" rel="noopener">Indian Bank</a> to bolster the adoption of affordable rooftop solar in the residential segment by making low-interest loans available to consumers.</p>
<p>Under the partnership, financing solutions will be offered for installations up to 3 kW under the Pradhan Mantri Surya Ghar Muft Bijli Yojana and installations with capacities from 3 kW to 10 kW under the regular program.</p>
<p>Residential consumers can avail loans up to ₹200,000 ($2,401) at a 7% annual rate of interest. Homeowners will also benefit from the nominal margin money requirement of 10%, collateral-free financing, and a flexible repayment tenure extending up to 10 years.</p>
<p>TPSSL, a wholly-owned subsidiary of Tata Power Renewable Energy Limited (<a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">TPREL</a>), and Indian Bank will offer a customized financing solution for installations with capacities between 3 kW and 10 kW.</p>
<p>To accommodate homeowners&#8217; diverse needs and requirements, they will also allow eligible applicants to access loans up to ₹600,000 ($7,204) with a margin money requirement of 20%. Interest rates range from 8.4% to 10.85% per annum.</p>
<p>&#8220;This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyze energy transition nationwide,&#8221; said Deepesh Nanda, CEO and  Managing Director of TPREL. TPSSL has a rooftop solar portfolio of 2 GW.</p>
<p>The companies believe the collaboration will help the widespread adoption of solar solutions across the country.</p>
<p>&#8221; By offering financial assistance and expertise, we aim to make a significant contribution to India&#8217;s energy objectives and ensure the success of this laudable initiative,&#8221; said Vikas Kumar, Chief General Manager (Retail Assets and MSMEs) at the Indian Bank.</p>
<p>Earlier this year, the government <a href="https://www.mercomindia.com/pm-surya-ghar-to-offer-%E2%82%B978000-for-3-kw" target="_blank" rel="noopener">announced</a> a budgetary outlay of $9.04 billion for the PM Surya Ghar Muft Bijli Yojana.</p>
<p>According to Mercom India Research’s <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023" target="_blank" rel="noopener">2023 Q4 &amp; Annual Mercom India Rooftop Solar Market Report</a>, India installed 1.7 GW of rooftop solar capacity in 2023, the second-highest annual installation numbers on record.</p>


Tata Power, Indian Bank Partner for Residential Rooftop Solar Financing

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