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					</table><p><a href="https://www.mercomindia.com/cabinet-approves-new-rooftop-solar-subsidy-program" target="_blank" rel="noopener"><strong>The Union Cabinet has approved the Pradhan Mantri-Surya Ghar: Muft Bijli Yojana, aimed at installing rooftop solar systems on 10 million households</strong></a>, with a total outlay of ₹750.21 billion (~$9.05 billion) until the financial year (FY) 2025-26. Consumers must apply for subsidy through the <a href="https://pmsuryaghar.gov.in/" target="_blank" rel="noopener">National Portal</a> and select a vendor to install the rooftop solar system. The portal will provide consumers with information on system sizes, benefits calculators, vendor ratings, etc., to help with the decision-making process.</p>
<p><a href="https://cms.mercomindia.com/cabinet-approves-new-rooftop-solar-subsidy-program/" target="_blank" rel="noopener"><strong>The Chhattisgarh State Renewable Energy Development Agency has issued a tender to establish standardized rates to set up off-grid solar</strong></a> photovoltaic water pumping systems with capacities of 02, 03, and 05 HP across Chattisgarh. The initiative falls under Component B of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The last date for the submission of bids is March 28, 2024. Bids will be opened on April 3.</p>
<p><a href="https://www.mercomindia.com/jindal-commissions-solar-project-at-odisha-steel-mill" target="_blank" rel="noopener"><strong>Jindal Steel &amp; Power has commissioned a 15 MW<sub>dc</sub> rooftop solar project at its steel manufacturing plant in Angul, Odisha. The 15 MW<sub>dc</sub> capacity</strong></a> comprises two projects, 12 MW<sub>dc</sub> , and 3 MW<sub>dc</sub> capacities. The project is expected to help power partial operations at the Angul plate mill<strong>.</strong> The rooftop solar project has a cumulative generation capacity of 21 million units per year. The project is expected to reduce the unit’s annual CO2 footprint by 18,000 tons.</p>
<p><a href="https://cms.mercomindia.com/chhattisgarh-issues-water-pumps-under-kusum/" target="_blank" rel="noopener"><strong>China-based polysilicon manufacturer </strong><strong>Daqo New Energy Corporation</strong><strong> reported lower revenue and net income in the fourth quarter (Q4) of 2023</strong></a>, as polysilicon prices continued to decline due to market oversupply. Daqo’s Q4 revenue was $477.1 million, down 45% from $864.3 million last year. Quarterly adjusted net income also fell 82% to $66 million from $363 million in the same period last year. The steep declines were due to lower polysilicon average selling prices (ASP), which dropped to $7.97/kg in Q4 from $32.54/kg in 2022.</p>
<p><a href="https://www.mercomindia.com/stem-first-ever-positive-quarterly-ebitda-q4" target="_blank" rel="noopener"><strong>Smart energy storage company </strong><strong>Stem</strong><strong>’s fourth quarter (Q4) net loss widened by 6.8% to $37.7 million from the net loss of 35.3 million in Q4 2022</strong></a>. The lower gross profit and higher interest expenses drove the increase in net loss. The AI-driven energy storage system provider’s revenue for Q4 2023 surged by 8% year-over-year (YoY) to $167.4 million, primarily due to the higher storage hardware revenue from Front-of-the-Meter partnership agreements and higher solar asset performance revenue.</p>
<p><a href="https://www.mercomindia.com/battery-tech-company-solid-by-586-in-2023" target="_blank" rel="noopener"><strong>Solid Power</strong><strong>, which develops all-solid-state battery technology for electric vehicles, recorded a net loss of $65.55 million during 2023</strong></a>, a 586.3% YoY increase from a net loss of $9.55 million. The increase in net loss was primarily driven by the higher operating expenses in 2023 compared to 2022 due to increased investments in product development and operational scaling.</p>


Daily News Wrap-Up: Cabinet Approves New Rooftop Solar Subsidy Program


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					</table><p>The Union Cabinet has approved the Pradhan Mantri-Surya Ghar: Muft Bijli Yojana, aimed at installing rooftop solar systems on 10 million households, with a total outlay of ₹750.21 billion (~$9.05 billion) until the financial year (FY) 2025-26.</p>
<p>Prime Minister Narendra Modi had <a href="https://www.mercomindia.com/pm-surya-ghar-to-offer-%e2%82%b978000-for-3-kw" target="_blank" rel="noopener">announced</a> the new subsidy program for residential consumers on February 13, 2024.</p>
<p>Under the new program, a subsidy of ₹30,000 (~$361)/kW will be provided for residential rooftop solar systems up to 2 kW for applications submitted after February 13, 2024. An additional ₹18,000 (~$217)/kW will be available for systems of over 2 kW and up to 3 kW capacity, while for projects exceeding 3 kW, depending on the average monthly power consumption of the household, the total subsidy will be capped at ₹78,000 (~$939).</p>
<p>Consumers must apply for subsidy through the <a href="https://pmsuryaghar.gov.in" target="_blank" rel="noopener">National Portal</a> and select a vendor to install the rooftop solar system. The portal will provide consumers with information on system sizes, benefits calculators, vendor ratings, etc., to help with the decision-making process.</p>
<p>Under the program, valid for two years – FY 2023-24 and FY 2024-25 &#8212; consumers will get access to collateral-free, low-interest loan options at as low as 7% to install rooftop solar systems of up to 3 kW capacity.</p>
<p>Households are expected to save on electricity costs as well as earn additional income through the sale of surplus power from the rooftop solar systems to the state DISCOMs.</p>
<p>The government will develop a model solar village in every district of the country to promote rooftop solar adoption in rural areas. It will also incentivize urban local bodies and Panchayati Raj institutions to promote rooftop solar in their respective areas.</p>
<p>According to Anurag Thakur, Minister of Information and Broadcasting, only domestically manufactured solar cells and modules will have to be used in these projects.</p>
<p>The program budget will allow for payment security for renewable energy service company-based installations and also fund innovative projects in the rooftop solar segment.</p>
<p>The PM-Surya Ghar program is expected to add up to 30 GW of residential rooftop solar capacity, generate 1,000 BUs of electricity, and reduce 720 million tons of CO2e emissions over a 25-year project lifetime.</p>
<p>The program is expected to create ~1.7 million direct jobs in manufacturing, logistics, supply chain, sales, installation, operation and maintenance, and other services.</p>
<p>The government, however, has yet to clarify the subsidy structure for residential welfare associations and group housing societies adopting rooftop solar.</p>
<p>Recently, the Maharashtra State Electricity Distribution Company <a href="https://www.mercomindia.com/maharashtra-3-million-residential-rooftop-solar-target" target="_blank" rel="noopener">announced</a> plans to install 3 million rooftop solar systems on houses in the state under the new program. The state has set a district/region-wise target and directed all field offices to focus on technical feasibility approvals and meter testing.</p>


Cabinet Approves New Rooftop Solar Subsidy Program with Outlay of ₹750.21 Billion

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