In a move that is expected to cut down energy consumption to a great extent and ensure well-lit streets in the city, Cochin Smart Mission Ltd (CSML) is set to sign a memorandum of understanding (MoU) with Kochi corporation for replacing all sodium vapour streetlamps with LED lamps. This will help the corporation to save a huge amount on electricity bills and also to avoid frequent repair works. According to sources, CSML has allocated Rs 40 crore for the project. ?The project will be started within a couple of months. The switchover toLED streetlights is expected to help us reduce our electricity bills by around 50%,? a source with the Kochi corporation said. ?Sodium vapour lamps consume more energy and also get damaged quit often. The LED streetlights will be more energy efficient. It will also emit more light compared to the sodium vapour lamps,? an official with the engineering wing of the corporation said. A centralised control centre will be set up for the overall monitoring and efficient use of the streetlights. The CSML will be providing funds for the project while the corporation should implement it. The CSML will audit the spending and review the progress of the work periodically. As of now, the corporation has given annual maintenance contracts (AMCs) for the streetlights. ?The corporation gives around Rs 44 lakh to Rs 60 lakh to the contractor for the AMC of streetlights a year. Moreover, a huge amount is being spent for procuring various components required for repair works,? said councillor M G Aristotle. ?If the project is implemented properly, it can be beneficial to the corporation as well as the public,? Aristotle said.