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Pradhanmantri Suryodaya Yojana (PSY)

Why is it in the news?

  • Government unveils Pradhanmantri Suryodaya Yojana (PSY) to boost solar power access across the nation.

 More about the news

  • PSY aims to install solar rooftop systems on 1 crore houses, specifically targeting low and middle-income individuals.
  • The initiative intends to reduce electricity bills for beneficiaries while providing an additional source of income through surplus electricity generation.
  • PSY will actively support the Grid Connected Solar Rooftop Programme (2014), aligning with its objectives.
  • A national campaign will be launched to mobilize residential consumers, encouraging widespread adoption of rooftop solar systems.

About Grid Connected Solar Rooftop Programme

  • The program aims to achieve a cumulative installed capacity of 40,000 Megawatt (MW) by 2026.
  • The current grid-connected solar rooftop capacity is approximately 11GW.
  • The second phase of the program was launched in 2019.
  • Funding for the Grid Connected Solar Rooftop Programme is provided under two components:

1) Component A: Central Financial Assistance (CFA)/Subsidy, aimed at supporting residential electricity consumers.

2) Component B: Coverage of DISCOMs (Distribution Companies).

  • The Ministry of New & Renewable Energy (MNRE) is responsible for overseeing the implementation of the Grid Connected Solar Rooftop Programme.

 About Solar rooftop system

  • A solar rooftop system includes solar modules, solar inverters, and other electrical components like meters and cables.
  • These systems are known as Grid-connected Rooftop Photovoltaic systems (GRPV), and are installed on residential and commercial rooftops, connecting to the power grid.

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