The government has decided to replace substandard and high-power consumption fans across the country as part of a new energy efficiency initiative.
Under the scheme developed by the National Energy Efficiency and Conservation Authority (NEECA), new fans will be provided to consumers on a monthly installment basis, with the announcement expected in the upcoming budget.
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In the first phase, 88 million old fans will be replaced, with the cost being collected through installments added to electricity bills. This project is projected to save 5,000 megawatts of electricity.
According to Power Division sources, banks have agreed to finance the initiative with the State Bank's risk guarantee, and a loan of 1,500 billion rupees will be provided for the replacement of fans.
