Pradhan Mantri Suryodaya Yojana 2024

PM Modi stated that his plan will not only slash the utility costs of the poor and wealthy but would also make India independent in the energy and manufacturing sector.

The “Pradhan Mantri Suryodaya Yojana,” which will provide rooftop solar power to one crore homes nationwide, was unveiled by Prime Minister Narendra Modi on Monday.

Pradhan Mantri Suryodaya Yojana

“Every devotee on the planet receives energy from the light of Lord Suryavanshi, Shri Ram. The prime minister wrote on social media site X.

 “Today, on the auspicious occasion of consecration in Ayodhya, my resolution got further strengthened that the people of India should have their own solar rooftop system on the roof of their houses.”

“After coming back from Ayodhya, I felt that our government should start the Pradhan Mantri Suryodaya Yojana” with the goal of equipping a crore households with rooftop solar panels. 

This would not only lower the cost of power for the lower and middle classes, but it will also lead to India’s energy independence,” he continued.

The choice was made just hours after he arrived back from Ayodhya, the location of the just-built Ram Janmabhoomi temple, which he had taken to attend Lord Ram Lalla’s inauguration rite on Monday. 

Additionally, PM Modi shared photos of himself talking with officials about the plan.

What is ‘Pradhan Mantri Suryodaya Yojana’?

1. In an effort to supply power from solar energy, the project intends to outfit one crore low- to middle-class families with rooftop solar panels.

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2. The prime minister went on to say that the plan will not only lower middle-class and impoverished people’s power bills but also achieve energy independence in India.

3. A story from Business Insider claims that Prime Minister Modi has pushed authorities to launch a broad nationwide campaign aimed at encouraging homeowners to install rooftop solar panels in significant quantities.

4. Solar cells mounted on a roof of a structure and linked to the main power supply unit are known as rooftop solar panels. As a result, it lowers grid-connected power usage and decreases client expenses for electricity.

5. The initial outlay of a solar rooftop structure is not done, and maintenance expenses are negligible.

As of December 2023, India’s installed solar power capacity reached around 73.31 GW, according to the Ministry of Power and Renewable Energy’s website. As of December 2023, installed solar rooftop capacity was around 11.08 GW. Currently, 40% of the capital cost of a solar roof setup can be paid by financial aid via the Center’s National Rooftop Scheme.

Aiming to reach a total installed capacity of 40,000 megawatts (MW) or 40 gigawatts (GW) by 2022, the Indian government began the Rooftop Solar Project in 2014. The watt is a unit of electricity that is determined as the amount of energy used over time, particularly one Joule per second.

PM Modi’s Pradhan Mantri Suryodaya Yojana impact?

Renewable energy stocks soar

Under the Pradhan Mantri Suryodaya Yojana, which PM Modi indicated, one crore individuals would get rooftop solar panels installed.

One day after Prime Minister Narendra Modi pledged solar panels for one crore houses during the Ram Mandir opening event on Monday, the shares of renewable energy firms experienced tremendous rise on January 23.

With their shares rising over five percent as the markets closed, key renewable energy companies like Tata Power & Indian Renewable Energy Development Agency (IREDA) were in the top stock market gainers of the day.

With the nation’s celebration of the Pran Prathishtha of Ram Lalla idol at the Ayodhya Ram Mandir on Monday, as PM Modi declared the Pradhan Mantri Suryodaya Yojana, stocks of renewable energy had an overall climb of over 18% today.

“On the auspicious occasion of consecration in Ayodhya, my resolution got further strengthened that the people of India should have their own solar rooftop system on the roof of their properties,” the prime minister tweeted on Monday. After returning to Ayodhya, I believed our government would start the “Pradhan Mantri Suryodaya Yojana,” which aims to install rooftop solar panels on one crore homes.

Renewable energy companies see major spike

In the renewable energy industry, Borosil Renewables was the biggest stock market gainer of the day, rising 19% to reach a 52-week high. Tata Power was the second winner, with a 6% increase in share prices on Tuesday.

Other Indian renewable energy firms, including the government-owned IREDA, Waree Renewable Technologies, Surana Solar, which is Sterling and Wilson Renewable Energy, and Gensol Engineering, all saw a 5% increase today, hitting a 52-week high.

The launch of the Pradhan Mantri Suryodaya Yojana, which would increase demand for solar panel systems, and new advances in India’s renewable energy business are among the primary factors of the noticeable rise in shares on Tuesday, even in the midst of a huge market crash.

Who is eligible for the Pradhan Mantri Suryodaya Yojana!!

Through the Pradhan Mantri Suryodaya Yojana, 1 crore families will be given access to rooftop solar energy. This scheme is meant to help poor and middle- income households lower their electricity bills.

Government’s previous rooftop solar Programme

A total installed capacity of 40,000 megawatts (MW) or 40 gigawatts (GW) by 2022 is the target that the government set forth when launching the Rooftop Solar Programme in 2014. The amount of energy used over time, or one Joule per second, is measured in watts, a unit of power.

What are the advantages of Grid-Connected Rooftop Solar System?

• A reduction in the customer’s electrical expenses.

using the available empty roof space; no further land is needed.

short gestation time.

Transmission and distribution (T&D) lines are not necessary in any more instances.

Reduces T&D losses due to the collocation of generating and power consumption.

• Lower system congestion and higher tail-end grid voltages.

• Long-term ecological and energy security by carbon emission reduction.

• Better DISCOM/utility management of daytime peak loads.

Fulfilment of obliged entities’ Renewable Purchase Obligations (RPOs).

Can I make my monthly electricity bill ‘zero’ by installing RTS?

This is possible in very rare cases because the consumer shall be required to pay some minimum charges like fixed charges, etc. even if the consumed energy is all self generated. However, electricity charges, a major component of the monthly bill, can be reduced to zero by optimally designing and maintaining the RTS. The monthly electricity bill may come to zero in States which give revenue for surplus power generated.

What is the general procedure for installation of a Rooftop Solar system for beneficiaries?

The interested beneficiary may install the solar rooftop systems through project developers/system integrators/manufactures etc. after taking necessary approval from DISCOMs within the capacity limit as laid down in the order of respective State Electricity Regulatory Commission/Joint Electricity Regulatory Commission of the respective States/UTs.

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