Panaji, Nov 20 (IANS) All streets in Goa will be lit by LED lights within six months, Chief Minister Laxmikant Parsekar said on Friday.
Addressing a post-cabinet meeting press conference, Parsekar also said the BJP-led coalition government had tied up with the Energy Efficiency Services (EESL), a central government-approved agency to implement Light Emitting Diodes (LED) intensive projects.
“EESL will replace conventional street lights with LED at its own cost and recover the money over a period of time from the State government on the basis of electricity saved by using the more power-efficient lighting,” Parsekar said.
The overall project is expected to cost Rs.92.34 crore, but Parsekar said the state government will not spend a penny for the implementation process.
“The cost of the project is Rs.92.34 crore will be borne by the EESL, which will generate 20 percent of the money through equity while 80 percent will be generated through loans. The state government will pay back the EESL on a monthly basis through the money it saves on energy charges and maintenance,” Parsekar said.
Backing LED lighting solutions, Parsekar said the diodes not only utilise 50 percent less energy and will help the state government save 37 million units of power every year, which in revenue stacks up to around Rs.19 crore.