Tata Power Renewable Energy Limited (TPREL) has signed a memorandum of understanding (MoU) with UCO Bank for the acceleration of the adoption of rooftop solar solutions in India.
The partnership aims to simplify and lower the cost of rooftop solar adoption by providing accessible financing options that align with the PM Surya Ghar: Muft Bijli Yojana. Further, as part of this collaboration, UCO Bank will provide financial support to both salaried and self-employed consumers for installing rooftop solar systems through the UCO Suryodaya Scheme. Customers can access loans of up to Rs 0.2 million at a 6 per cent reducing interest rate for a tenure of up to 10 years with a 10 per cent margin. Additionally, for larger rooftop systems costing between Rs 0.2 million and Rs 0.6 million, the bank will offer financing of up to 80 per cent of the project cost. Interest rates will start at 7.40 per cent for home loan customers and 8.40 per cent for non-home loan customers.