Gagan Vermani, CEO and Founder, MYSUN speaking on the Union Budget 2019 said “For the second year in a row, Solar was a no-show at the 2019 Interim Union Budget, apart from a sole mention about the installed solar generation capacity addition in the past five years. While prices for solar have continued to drop over the last year, it’s the lack of financing for solar projects that have hit the industry hard. And this year’s budget has missed addressing that yet again.”
He further added “We have been demanding solar loans to be treated like home loans, as an instrument for individuals to claim a tax rebate. But seems like the industry will have to wait for that. There is some indirect relief to MSME units registered with the GST in the form of a 2% interest rebate on fresh or incremental loans up to a limit of Rs 1 Cr. This may incentivise some of these MSMEs to utilise this facility to install solar systems on their rooftops and thereby reduce their energy bills. Overall, it’s a very positive budget for the farmers, the middle class and the small traders/industries, with an eye on the upcoming general elections.“