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There are several incentives offered for solar thermal systems. These incentives include financial incentives as well as fiscal incentives in form of tax benefits. Authorities responsible for funding are "The Indian Renewable Energy Development Agency" (IREDA) and the "Ministry of Non-Conventional Energy Sources" (MNES). Interest Subsidy Scheme IREDA has appointed financial intermediaries who can provide soft loans for systems of any capacity. Rates of interest for such loans for solar water heating systems available from banks and IREDA under the "Interest Subsidy Scheme" between 5% and 8.3%. Many state governments are also pursuing this program by offering various incentives. Solar Thermal Energy Program Introduced by the Ministry for Non-conventional Energy Sources, the principal objective of the program is market development and commercialization of solar thermal systems such as solar water heaters, solar cookers, solar air heaters/dryers etc. for meeting heat energy requirements for different applications in the domestic, commercial and industrial sectors in the country. Sales Tax Exemption/reduction in Central Sales Tax and General Sales. Tax are also available on sale of renewable energy equipments in various states. Direct Taxes Notification No. SO 276 (E) Accelerated Depreciation on specified non-conventional renewable energy devices/systems in the first year of installation of the projects is 100%. There are also tax holidays on renewable energy power projects of 5 years offered. |
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