Power push: Centre announces 8-fold hike in solar energy grant
NEW DELHI: The government took its push for clean energy to a new high on Wednesday, increasing more than eight times its financial assistance to set up rooftop solar panels connected to the grid and clearing the civil nuclear deal with Australia.
The cabinet committee on economic affairs jacked up the subsidy budget for the implementation of grid-connected rooftop solar power from Rs600 crore to Rs 5,000 crore over a five-year period till 2019-20. Looking to fulfil India’s commitment under the Paris climate agreement, the Narendra Modi government has set an ambitious target of generating 1,00,000MW of electricity from solar panels by 2022, with a 40,000MW contribution from grid-connected rooftop systems.
The increase in subsidy will generate up to 4,200MW of power from rooftop panels, the government release said. At present, India has just about 525MW of installed rooftop capacity, of which 143MW is residential. India’s total installed solar capacity presently stands at 4,684MW.
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