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Loans to boost solar power in Odisha

According to reports, getting solar energy to avoid hefty power bills and load sheddings is set to get easier. The Odisha Renewable Energy Development Agency (OREDA) has decided to rope in banks, micro-finance institutes to provide loans for installing home solar power system.

“Though solar energy is cheaper and energy efficient, but because of lack of awareness and large initial investment, not many people are coming forward to use solar energy. Therefore, we will rope in financial institutes, micro finance institutes and self help groups to provide soft loans on reasonable interest to interested customers,” said R K Choudhury, deputy director, project division, OREDA.

 OREDA sources said, for one kilowatt power plant the capital cost was Rs 2.5 lakh, including the subsidy of Rs 80,000, the consumer’s cost came to Rs 1.7 lakh, provided through the Odisha Renewable Energy Development Agency (OREDA). After installing one MW power plant, the cost of energy will be Rs 7 per unit. “But within a year it will be on a par with the electricity bills. The government has also been providing subsidy for installing the power plants,” Choudhury said, at a workshop on solar supply chain here on Monday.

OREDA sources said solar power plants have been installed in more than 1,700 villages of the state. “During the day, the power plant lights the house and during night, the converter takes over by drawing power from the batteries,” an official explained.

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