Farmers can soon bank on solar power for extra buck, with 60% subsidy
Solar power could soon become the new cash crop for farmers, who can make an extra buck or two by switching to solar power for running irrigation pumps and selling surplus power to discoms.
All this will become possible because of heavy dose of funding promised in the Budget for ‘KUSUM’ (Kisan Urja Suraksha Utthaan Maha Abhiyaan) scheme. The refreshed version of the scheme doubles to 60% from 30% the subsidy for buying solar pumps. This will be equally borne by the Centre and states.
Farmers will have to bear 10% of the cost of solar pumps and will get loan from banks for the remaining part of the payment. All assistance will be transferred directly into the account of farmers. The refreshed scheme also provides 50 paise per unit as incentive to discoms for buying surplus power from farmers for five years.