According to reports, Punjab government unveiled a novel zero-cost energy-efficiency improvement model that would reduce energy consumption to 50 per cent without putting any financial burden on the state exchequer. Presiding an Energy Conservation Day jointly organized by Punjab Energy Development Agency (PEDA) and Punjab State Electricity Board (PSEB) here, Science, Technology and Environment Minister Bikramjit Singh Majithia said PEDA has evolved a”unique”financial model with the support of a Canada-based organization in the field of energy conservation.
He said that in the first phase, the concerned department would implement this project for energy efficiency improvements in the municipal street lighting in all the five municipal corporations Amritsar , Ludhiana, Jalandhar, Patiala and Bathinda besides in major government buildings such as the mini-secretariat and District Administrative Complexes of Patiala, Ludhiana, Sangrur and Bathinda.
He said this model has been appreciated by the union government in which Energy Service Companies (ESCO) would bring energy-efficient technologies and investment and recover the investment from savings accrued from the electricity bills over a period of 5-7 years.
” ESCO financial models were being implemented in developed countries where the organizations and industries were achieving energy efficiency by signing performance-based contracts without investing their own funds,”he said.