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NABARD to promote solar power

According to reports, with erratic power cuts becoming the order of the day, people are looking for alternative sources like solar inverter.

To promote usage of solar power, the National Bank for Agriculture and Rural Development (NABARD) is providing 40 per cent subsidy for purchasing solar inverters.

To promote commercial marketing of solar accessories, ministry of new and renewable energy (MNRE), had launched the Jawaharlal Nehru National Solar Mission with subsidy for solar lighting and small capacity photovoltaic systems, which would be routed through Nabard.

An amount of Rs 30,000 would be required for installing a solar inverter of which 40 per cent of the amount would be provided by Nabard towards subsidy and 50 per cent of the amount by the commercial banks in the form of loans and the remaining amount shall be borne by the beneficiary.

Nabard has entered into an agreement with Andromedar company for the purpose.

Consumers who own a house may apply for installing solar invertors to the above company.

The consumers have to repay the loan in monthly installments to the banks concerned.

Andromedar has entered into a pact with Andhra Pradesh Grameena Vikasa Bank in setting up solar inverters for which Nabard gives the subsidy.

One needs Rs 30,000 for installing a solar inverter for which Nabard would provide a subsidy of Rs 10,800. The consumer has to repay loan of Rs. 3,200 to the bank concerned, so that the remaining amount of Rs 16,000 would be provided by the bank in the form of loan at Pavala Vaddi.

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