Interim Budget 2024: Rooftop solarisation gets a push; Tata Power, Borosil Renewables among others will be in focus

Close on the heels of Prime Minister Modi’s announcement of the 'Pradhan Mantri Suryodaya Yojana' last week, the pre-election budget presented today (February 1) highlighted that one crore households will be able to obtain up to 300 units of electricity for free every month through rooftop solarisation.

“This scheme follows the resolve of the Hon’ble Prime Minister on the historic day of the consecration of Ram Mandir in Ayodhya,” added FM’s budget speech.

Further, the FM in her budget presentation also pointed out some of the likely benefits of the scheme, which are as follows:

On an annual basis, households will be able to save between fifteen and eighteen thousand rupees from free solar electricity and by selling the surplus to distribution companies.

Also, it will facilitate charging of EVs or electric vehicles.

This step will open up entrepreneurship opportunities for a large number of vendors for the supply and installation of solar panels.

It would generate employment opportunities for youth with technical skills in manufacturing, installation, and maintenance.

Amid this, some of the companies in the space that will likely gain focus going forward are Tata Power, Borosil Renewables, Sterling & Wilson Renewable Energy, and Waaree Renewable Technologies.

“As we embrace this era of change, the payback for solar energy is expected to become a tangible reality, bringing us closer to a future where sustainable energy is not considered just a choice but a way of life," Hitesh Doshi, Chairman, Waaree Group, said.