Workomart Energy Service Company (RESCO), is a company which provides electricity to the consumer from Solar Power plant. There is no investment for installation of the solar power plant under this arrangement and all the investment related to installation, repair & maintenance etc.
is to be done by the WORKOMART RESCO supplier and the consumer has to provide rooftop space only. It helps to reduce electricity bills of concerned buildings and promote pollution free power thus saving the environment. The entire expenditure on installation, repair & maintenance etc. for the entire lifespan of 5- 25 years of the project is borne by RESCO Company. The User has to buy solar power at a pre- decided tariff.
Unlike Solar CAPEX model, where rooftop owner invests in Solar EPC, under Solar RESCO the Solar RESCO developer invests in solar assets, while the rooftop owner or client commits to buy the solar energy produced from the said installation through a long term contract.
In Solar RESCO agreement, the developer undertakes complete liability to operate & maintain the solar installation for the entire period of contract. Since such contracts are executed by solar expert companies, it ensures better performance and life cycle of solar assets compared to Solar CAPEX Model.
Government of India offers various subsidies & offers under its various schemes on various costs to the Solar RESCO Developer. The key objective is to increase current Solar RESCO investments from 1GW to 40GW by year 2022. Some states offer very lucrative subsidy schemes to attract investments in Solar & Renewable Energies.
Since Solar RESCO arrangements are long-term contracts between RESCO Developer and Rooftop owner or Consumer, it ensures a predefined and a stable supply of clean uninterrupted solar power at fixed contractual rates for a long tenure, giving energy expense control.
Since RESCO Developer brings in various expertise & technologies to the solar project, it helps maintain several records and generate various analytics to optimize overall power consumption by monitoring & acting depending on load pattern for an even & optimized consumption.