According to a plan being prepared by the Ministry of New and Renewable Energy, lending agencies would offer home loans with the provision of additional sanction of payment if customers want to install rooftop solar power panels.
The ministry is finalising the details and is likely to send it to the Finance Ministry for approval. The Finance Ministry may ask the Reserve Bank of India (RBI) to modify the terms and conditions in housing loan schemes by allowing financial institutions to include rooftop solar panel loans as also part of housing loans.
The ministry is also discussing with banks and other financial institutions on giving incentives like attractive interest rates, extended repayment period and waiving of service charges for customers who opt for rooftop solar panels.