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JUN 01 2015

Piyush Goyal supports idea of tax incentives for roof top solar panel

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 01st JUN 2015

The idea of giving tax incentives for purchase of roof top solar panels will be taken up with Finance Minister Arun Jaitely, Union Minister Piyush Goyal said today.

The suggestion of tax incentives came up through twitter during a 90-minute 'talkathon' with Power, Coal, New & Renewable Minister Piyush Goyal, Human Resource Development Minister Smriti Zubin Irani and Commerce and Industry Minister Nirmala Sitharaman. 

"We will discuss the suggestion with Finance Minister Arun Jaitley who has special interest in green energy," Goyal replied when asked about any income tax incentive in the store for consumers buying roof top solar panel.

"It is good suggestion. People get some tax concession. There should be some cut in the interest rate (on loan for solar panel)," he added

The government is in discussions with banks to provide easy loans for clean energy measures like solar roof top installation, he said, adding that it is also possible that home loans in future will include finance for solar roof top.

The NDA government is promoting roof solar panel to bring down the power deficit and providing electricity to all. Recently, the government had announced that it would soon launch a mobile application in the next three months to enable consumers to get trained technicians for installation and maintenance of rooftop solar power generators, heaters and cookers.

The application will be GPS enabled and connect the consumers to the nearest trained technician (Surya Mitras) available in his area for installation and maintenance of solar equipment. Goyal also indicated that there would be changes in the construction rules to promote clean power and energy conservation in the big commercial, industrial and residential projects.

"Urban Development Ministry will give some concession for making green buildings and ensure additional incentives for them. They may get concession in terms of making extra floors or get tax rebate," the minister said. 

Government is targetting renewable energy capacity of 1,75,000 MW till 2022, comprising 1,00,000 MW Solar, 60,000 MW Wind, 10,000 MW Biomass and 5,000 MW Small hydro 

Tags

Finance Renewable Energy Coal Wind Clean Energy Energy Tax Energy Conservation Power Electricity solar power Solar

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