GRX10 Research · February 2026

PM Surya Ghar Yojana

2-Year Performance Report

India's most ambitious rooftop solar initiative — hits, misses & opportunities. A comprehensive analysis covering 30 lakh+ installations, DISCOM bottlenecks, manufacturing boom, and strategic recommendations.

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GRX10 Research

PM Surya Ghar
Muft Bijli Yojana

Performance Report: Feb 2024 — Feb 2026

30L+
Installations
7.71L
Zero-Bill Homes
38%
Loan Rejections
9
Recommendations
Free Download

The Numbers Tell a Complex Story

Key metrics from 24 months of India's largest residential solar program

30 Lakh+
Installations Completed
30% of 1 Cr target
7.71 Lakh
Zero-Bill Households
45% of tracked beneficiaries
38%
Bank Loan Rejections
3.05L of 8.03L applications
22.7%
Conversion Rate
77% lead leakage nationally
144 GW
Module Manufacturing Capacity
6,161% growth since 2014
45–180
Days Average Delay
vs. 30-day official mandate

What's Inside the Report

Data-driven analysis across key topic areas shaping India's rooftop solar future

01

Executive Scorecard

Performance rated across consumer, DISCOM, manufacturing, and scheme objective dimensions.

02

The Hits

30L installations, 10x pace acceleration, 7.71L zero-bill homes, manufacturing boom, and Gujarat model success.

03

The Misses

38% loan rejections, 77% funnel leakage, portal glitches, ghost vendors, inflated post-install bills.

04

DISCOM Analysis

Revenue impact, performance scorecards, duck curve challenges, and models that worked (Kerala, Gujarat, Varanasi).

05

Atmanirbhar Bharat

Solar value chain analysis — polysilicon to modules. Domestic vs. imported capacity breakdown.

06

Strategic Recommendations

Actionable interventions to fix DISCOM bottlenecks, loan access, vendor quality, and accelerate to 1 Cr target.

Key Findings

The Hits
  • 10x installation acceleration — monthly pace jumped from 7,000/month pre-scheme to 70,000+ post-scheme
  • 7.71 lakh households now pay zero electricity bills — 45% of all tracked beneficiaries
  • Module manufacturing capacity exploded from 2.3 GW (2014) to 144 GW (2026) — 62x growth
  • Gujarat model achieved 65%+ conversion ratio — the national benchmark
The Misses
  • 38% bank loan rejection rate — PSBs rejected 3.05L of 8.03L applications with no standardised SOPs
  • 77% funnel leakage — of every 100 registrations, only 22-23 convert to actual installations
  • 45-180 day delays vs. 30-day official mandate — driven by DISCOM approval queues
  • 27% ghost vendors in UP — 470 of 1,737 empanelled vendors had zero installations

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About This Report

This report was prepared by GRX10 Research using data from PIB, MNRE, IEEFA, TERI, Mercom India, company filings, parliamentary records, and investigative journalism. This is an independent research analysis — not investment advice.

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Disclaimer: GRX10 Solutions Private Limited makes no warranties regarding the accuracy, completeness, or reliability of the data presented in this report. All data has been sourced from publicly available third-party sources and is presented for informational purposes only. GRX10 cannot be held responsible for any errors, omissions, or decisions made based on the information in this report.