The programme involves enrolling a thermal storage capacity of over 15,000 transmission hours to achieve load shift of over 3.6 million units from peak to off peak hours.
It also involves re-opening its AC and refrigerator exchange programs, which will help reduce energy consumption up to 50 per cent by launching energy efficient refrigerator exchange programme.
The refrigerator and AC exchange programme are part of its 'My Mumbai green Mumbai' campaign.
Executive Director Padmanabhan said on the occasion "there was a huge difference between peak load and off-peak load in the city and thermal energy storage incentive programme will not only support our consumers to bring down the peak power requirements but will offer monetary benefit on each unit of electricity shifted from peak hour to off-peak hour as an incentive".
"This programmes will not only help the consumers with additional incentive but also help the overall power system to bring down the peak power requirements," he added.