The development objective of the Grid-Connected Rooftop Solar Program Project for India is to increase installed capacity of grid-connected rooftop solar photovoltaic (GRPV) and to strengthen the capacity of relevant institutions for GRPV. The program environmental objective (PEO) is to achieve reductions in greenhouse gas (GHG) emissions through the displacement of thermal energy with solar energy. The operation supports the government’s rooftop solar PV program. By increasing the availability of debt financing and improving the capacity of institutions, it will expand uptake of GRPV in the country. The program addresses the barriers to accelerated GRPV installation. It also allows the consumer to internalize the positive environmental externalities of solar power and thus encourages GRPV installation. Climate finance has been used in this operation to buy down the interest rate of rooftop PV loans to early movers in the market. The clean technology fund (CTF) committee has approved United States (U.S.) 125 million dollars to co-finance this GRPV program.
This program was extended until 2026.