Tata Power rolls out low-cost rooftop solar solutions in Odisha, check stock reaction

Tata Power Renewable Energy Limited (TPREL) , an arm of Tata Power has launched its affordable rooftop solar solutions in Bhubaneshwar, Odisha, under the 'Ghar Ghar Solar' campaign. The initiative aims to make clean energy accessible to households with a low initial cost starting at ₹2,499 for a 1 kW system. Subsidies offered can cover up to 40% of the installation costs, enhancing appeal to consumers. TPREL aims for 3 lakh installations in Odisha and 10 lakh nationwide over the next 3-5 years.

The solar solutions are part of Tata Power's collaboration with the Odisha Renewable Energy Development Agency (OREDA) to boost solar penetration in the state. Significant subsidies are provided through central and state schemes, including the PM Surya Ghar: Muft Bijli Yojana, which offers up to ₹78,000 in subsidies for systems up to 3 kW. The Odisha state government also offers additional financial support to facilitate adoption. This venture aligns with Tata Power's strategy to transform solar energy from an aspirational goal to an economically viable option for consumers. The company is also diversifying its offerings with a new range of lifestyle solar solutions, further enhancing its market reach.

Tata Power's stock was trading on a flat note at Rs 393.50, reflecting a 0.63% decrease.in the afternoon session today. Market cap of the firm stood at Rs 1.25 lakh crore. 

The company reported a nearly 47% year-on-year increase in profit after tax from its renewable energy operations and anticipates sustained growth in the current fiscal year. A company representative stated, "There are great opportunities within the country, especially for third-party module sales, as domestic content requirement (DCR) has been implemented across various sectors. We will evaluate whether it makes more business sense to sell domestically or to export. A decision will likely be made in the second half of the year."