November 21, 2001
RAJYA SABHA'45'
INSTALLATION OF SOLAR ENERGY WATER HEATING SYSTEM BY GROUP HOUSING SOCITIES The Minister of State for Non Conventional Energy Sources Shri M.Kannappan informed the Rajya Sabha here today that under an Interest Subsidy Scheme of his Ministry, soft loans are being offered for installation of solar water heaters. The Minister was replying to a written question. Giving details of the scheme the Minster said it is being implemented through Indian Renewable Energy Development Agency and its financial intermediaries as well as seven public sector banks through their designated branches. Loans are available at 5% interest rate to individuals, small business establishments and non-profit organisations and 8.3% interest rate for profit making organisations. Co-operative group housing societies are eligible for loans at 5% interest rate for installation of solar water heaters. The same benefit is also available to members of the societies in their individual capacity.The response to the soft loan scheme has been good, especially in the last 2-3 years. A large number of individual and institutional users have availed of the loan facility. Water heating systems using a total of 110,000 square metre of solar collectors have been financed so far under this scheme. In case of housing societies, members often prefer taking loans individually, keeping in view the security requirement of the banks.
NW/PN/Installation of Solar Energy Water Heating System by Group Housing Societies/1545 hrs.