"We have set challenging targets to save energy as energy conservation has an equally important role to play with generation. We are looking at savings of nearly 100 billion units of power, by the use of LED lights, translating into $7 billion annually," he said at 'Urja Sangam' here on Friday.
Goyal, who also holds the charge of Coal and New and Renewable Energy departments, said that use of LED bulbs will reduce peak power demand of the country by 10,000 MW per day.
Prime Minister Narendra Modi had launched a scheme for light-emitting diode (LED) bulb distribution under the Domestic Efficient Lighting Programme.
Under the Domestic Efficient Lighting Programme (DELP), consumers in Delhi can register requests for procuring LED bulbs. Installation of LED bulbs for domestic and street-lighting in 100 cities is targeted by March 2016.
In the next three years, LED bulbs are going to completely replace the current incandescent bulbs, Goyal said.
The Minister said 10 per cent of energy consumption can be brought down through conservation, without any major stress to the system or significant capital investment.
"We are looking at setting up better monitoring mechanisms for the industries and improving critical power guzzlers," he said.
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