Pradhan Mantri Suryodaya Yojana 2024: Transforming India's energy sector

The year 2024 marks the introduction of the Pradhan Mantri Suryodaya Yojana by our esteemed Prime Minister, Shri Narendra Modi. This initiative aims to facilitate the widespread adoption of solar rooftop installations among residential consumers across all states in the nation.

Prime Minister Modi envisions reaching approximately 1 crore families for the installation of rooftop solar panels under this scheme. During the announcement, he emphasized the potential for every household in the country, equipped with a rooftop, to harness solar power. This move is intended to reduce electricity bills, fostering self-reliance in meeting the electricity needs of individuals.

The benefits extend beyond cost savings for the poor and middle-class citizens; it also contributes to India's self-sufficiency in energy usage and conservation of non-renewable resources. Prime Minister Modi has initiated a national campaign, mobilizing officials to encourage the large-scale adoption of rooftop solar installations in residential segments.

This Yojana serves as a strategic approach to achieving the target of 40 GW rooftop solar capacity. The government plans to provide subsidies for solar panel installations in individual houses, ensuring even the economically disadvantaged can benefit. The scheme is anticipated to generate long-term investment opportunities, particularly in businesses related to solar panel infrastructure.

Citizens of the country can expect relief from the financial burden of substantial power bills, provided all necessary paperwork is accurately filed. According to the Ministry of New and Renewable Energy, the National Solar Mission had initially set a target of 20 GW solar power by 2022, later increased to 100 GW in 2015. As of June 30, 2023, the country has commissioned solar projects with a cumulative capacity of 70.10 GW, including 57.22 GW from ground-mounted projects, 10.37 GW from rooftop projects, and 2.51 GW from off-grid projects.

The new objective is to achieve 40 GW rooftop solar panel installations by 2026, and as of 2023, India has achieved 25% of this target, indicating that a lot needs to be done in achieving this target.