PM Kusum Yojana: Government is Providing 90% Subsidy to Farmers for Installing Solar Pumps

Many agricultural schemes have been launched by the central and state governments with the goal of increasing farmers’ income and reducing their expenses. One such scheme is Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM Kusum Yojana) which was launched in 2019 to ensure farmers have access to water and electricity for farming. 

The goal of this scheme is to ensure that farmers have access to solar pumps for irrigation, allowing them to save both electricity and labor. 

Important facts about Solar Pump Subsidy

• Farmers are being subsidized at a rate of 30-30% for setting up solar power and solar pump plants on behalf of the federal and state governments.

• With this, the farmer can install a solar power pump unit for only 40% of the cost.

• Farmers can borrow loans from NABARD, banks, and other financial institutions for 30% of their expenditure if they want to reduce their 40% expenditure. The farmer will be required to pay only 10% of the total amount.

• Farmers can save electricity generated by solar panels and sell it to supplement their income.

• It will help farmers for the next 25 years.

Who Can Apply for PM Kusum Yojana?

The Pradhan Mantri Kusum Yojana assists every small and large farmer in India in lowering their farming expenses. However, the Government of India has established the following eligibility criteria for scheme beneficiaries:

• The applicant must be an Indian citizen.

• Farmers must have all the required documents to apply.

• Under this scheme, you can apply for the purchase of a solar power plant with a capacity ranging from 0.5 MW to 2 MW.

• Farmers will be able to apply based on their needs or the capacity announced by the distribution corporation if they so desire.

• If the applicant farmer applies to the developer for a large unit of solar pump, the developer must have an annual income of Rs 1 crore per MW.

Required Documents

To take advantage of this scheme during the Kharif season, you must have a few documents. Farmers can apply for this scheme by acquiring the following documents.

• Aadhar card for farmers.

• Applicant farmer's ration card.

• The applicant farmer is required to have KYC.

• Passport-size photo of the farmer.

• The applicant must have a bank account since the grant money will be directly transferred there.

• Bank Account Details.