Suryashakti Kisan Yojana (SKY) is a revolutionary initiative of Gujarat State’s Power Sector. In this project of SKY, the Farmers will generate electricity for their captive consumption. Also, they will sell the unused generated electricity to the Government via the grid. That is how they can earn income.
In this Pilot Project, the Farmers will generate their electricity by using solar panel in their farms. As a result, it enables a double income. The solar panels are given to the farmers as per their requirements. Especially to those who have already an Electricity connection.
Features of Suryashakti Kisan Yojana
The 60% subsidy on the cost of the projects will be provided by the State Governments and Central Governments. 35% of the project cost will be granted to them through the loan with interest rates of 4.5% to 6%. Lastly, the remaining 5% of the project cost will be borne by the farmers.
The total duration of the Suryashakti Kisan Yojana is of 25 years. It splits between 7 years and 18 years. As per the project, the farmers will get a per-unit rate of Rs 7 for the first 7 years. Furthermore, for the next 18 years, farmers will be paid Rs.3.50 per unit.
Through Suryashakti Kisan Yojana, farmers have an extra way to earn money. With low investment in the installation of the solar panel. Because the cost of installation can be recovered within a span of 8 to 18 years.
12 hours of getting electricity for irrigation is possible after the implementation of this project. Since farmers used to receive only 8 hours of electricity previously.
Presently, the Government providing a subsidy to Gujarat farmers for irrigation. The Government spends 4500-5000 crore approximately every year. Because farmers pay only 50 paise per unit to the Government. However, after the implementation of Suryashakti Kisan Yojana, the expenditure comes down as the Government. It saves big.
SKY (Suryashakti Kisan Yojana) is a tool for achieving prime minister Narendra Modi’s dream to double the income of farmers by the year-2022.
Hence, these are the features of Suryashakti Kisan Yojana. For more, click here.