In a major step towards promoting sustainable energy and reducing dependence on conventional electricity, the State Bank of India (SBI) has announced a visionary initiative to install solar rooftop systems on 40 lakh homes across India by the financial year 2026–27. This ambitious plan, unveiled on the bank’s 70th foundation anniversary, highlights SBI’s growing role in supporting the nation’s green energy transition and climate-friendly development.

 SBI’s Solar Rooftop Plan: At a Glance

• Target: Solar rooftop installation on 40 lakh homes by FY 2026–27

• Objective: Promote renewable energy, reduce grid dependence, support sustainable living

• Separate from Government Schemes: SBI’s plan is independent of the government’s PM Suryaghar Free Electricity Scheme

• Environmental Focus: Reduce carbon emissions, encourage green finance

• CSR Support: To include rural development, education, and environmental initiatives

 Powering Homes Without Traditional Electricity

Under this new SBI Solar Project, the bank will enable millions of Indian households—especially in semi-urban and rural areas—to tap into solar energy by installing rooftop solar panels and associated infrastructure.

The initiative comes at a time when the country is rapidly shifting towards clean energy solutions to combat climate change and rising electricity demand. By helping households become energy self-sufficient, SBI aims to not only contribute to environmental conservation but also lower household electricity expenses over the long term.

 Key Features of SBI’s Solar Initiative

1. Large-Scale Solar Coverage
   SBI will install solar panels on 40 lakh residential rooftops, making this one of the largest bank-led solar programs in the country.

2. Energy for All
   The initiative particularly focuses on energy-deficient regions, where conventional electricity supply is either inconsistent or unavailable.

3. Clean and Cost-Effective
   Rooftop solar helps reduce monthly energy bills while cutting down carbon emissions, directly benefiting both the environment and the consumer.

4. Separate from PM Suryaghar Scheme
   This plan is independent of the central government’s PM Free Solar Scheme, which targets 1 crore homes. SBI’s project specifically focuses on 40 lakh homes via its own mechanisms and financing.

5. Green Financing Hubs
   SBI is setting up centres of excellence for funding projects in areas such as e-mobility, green hydrogen, smart infrastructure, and low-carbon technologies.

 Who Can Benefit?

Eligible Beneficiaries:

• Homeowners with suitable rooftops for solar panel installation

• Rural and semi-urban residents with unreliable power supply

• Households looking to reduce monthly electricity costs

• Environment-conscious individuals seeking sustainable alternatives

Not Covered Under This Project:

• Commercial and industrial establishments (at present)

• Homes already availing benefits under PM’s free solar scheme

 SBI’s 70-Year Milestone and Green Commitment

The announcement was made as part of SBI’s 70th anniversary celebrations, during which the bank also shared insights into its massive financial outreach and CSR initiatives:

• Agriculture Credit: Surpassed ₹3.5 lakh crore in FY 2024–25

• CSR Expenditure: ₹610.8 crore across 94 aspirational districts

• Environmental Projects: 9 lakh trees planted in the Cauvery river valley

• Inclusive Development: CSR funds directed towards education, healthcare, and rural upliftment

This large-scale solar project aligns with SBI’s green banking goals, reinforcing its commitment to being a leader in sustainable finance.

 Environmental Impact and Carbon Reduction

By reducing dependency on traditional power sources, this project will:

• Cut carbon emissions from coal-based power

• Improve air quality in urban and rural areas

• Help meet India’s target of generating 500 GW of non-fossil fuel electricity by 2030

• Promote the use of solar energy in everyday household usage

Each rooftop solar unit has the potential to generate 3–5 kWh of clean energy per day, helping users avoid drawing from the conventional power grid.

 Implementation and Installation Process

Though detailed procedures are yet to be announced, here’s what’s expected:

1. Application Process
   Beneficiaries will likely be able to apply through designated SBI branches or online portals.

2. Site Assessment
   Approved vendors will inspect rooftops for solar suitability (direction, space, shading).

3. Financing Options
   SBI is expected to offer low-interest solar loans, EMI plans, or collaborate with solar companies under the Green Energy Mission.

4. Installation and Commissioning
   Certified partners will install and maintain systems, possibly under warranty or AMC contracts.

5. Net Metering Benefits
   Homes that generate excess power may export it to the grid and earn credits through net metering, where available.

Financial Incentives and Subsidies

While this is a bank-led initiative, SBI may still leverage existing central or state subsidies wherever applicable to reduce costs for consumers.

• Expected Price per kW: ₹40,000–₹60,000

• Loan Tenure: Up to 10 years

• Interest Rate: To be announced (likely between 7%–10%)

Government incentives could potentially cover 20%–40% of the total cost, making solar installations even more accessible.

 How to Apply for SBI Solar Rooftop Scheme?

While the scheme is still being rolled out, interested homeowners can:

• Visit nearby SBI branches and inquire about the project

• Stay tuned to SBI’s official website for application forms

• Consult local solar vendors partnered with SBI

SBI’s plan to bring solar power to 40 lakh homes is not just an environmental initiative—it’s a transformative social and economic mission. With India’s population growing and electricity demands surging, this move supports climate goals, empowers rural households, and boosts the renewable energy economy.

By investing in rooftop solar energy, SBI not only furthers its commitment to financial inclusion and green banking but also leads by example in the national effort to achieve net-zero emissions.