Turning Sunshine into Savings: CREST(Chandigarh Renewal Energy and Science and Technology Promotion Society) Launches RESCO( Renewable Energy Service Company) Solar Scheme for Public Buildings

Image Source: Saur Energy International

Chandigarh is set to make a significant leap in its renewable energy journey as the Chandigarh Renewal Energy and Science and Technology Promotion Society (CREST) announces the introduction of the RESCO (Renewable Energy Service Company) model for solar projects on government-built properties.

Key Highlights:

CREST will implement the RESCO model, starting with 3 MW solar plants on properties owned by the Chandigarh Housing Board (CHB) and the municipal corporation.
Under the RESCO model, a private agency will bear the entire installation cost of rooftop solar plants, eliminating the need for any financial outlay from the Chandigarh administration.
The first project will be launched at CHB’s Sector 51 Housing Society, with a memorandum of understanding already prepared following discussions with the resident welfare association.
Government building owners will benefit from a “Rent on Roof” component, receiving annual payments-Sector 51 RWA expects around ₹30 lakh per year.
The municipal corporation will also earn yearly revenue from the solar installations, further incentivizing participation.
The private agency will sell the generated electricity to Chandigarh Power Distribution Limited at a fixed rate of ₹4.96 per unit.
Each 3 MW solar project is estimated to require an investment of approximately ₹15 crore.
CREST is finalizing tender documents, focusing on feasibility, longevity, and revenue potential, with the tender process to follow soon.

The RESCO model for private residential properties awaits approval from the Ministry of New and Renewable Energy, with a proposal for 5-10 kW installations submitted to accommodate Chandigarh’s higher power consumption.

Source: Times of India