Michigan Agency for Energy, long-term Saginaw Plaza facility tenant, is the first state energy agency in the U.S. to implement PACE funding for energy efficiency and renewable energy initiatives.
Ameresco, Inc., (NYSE:AMRC), a leading energy efficiency and renewable energy company, announced the completion of the $437,000 Energy Savings Performance Contract (ESPC) with Saginaw Plaza, LTD. to upgrade their facility in Lansing, MI. The facility is currently leased to the State and houses the Michigan Agency for Energy (MAE) and the Michigan Public Service Commission (MPSC). MAE/MPSC worked closely with the property owner, Saginaw Plaza, and Ameresco to achieve facility improvements given the MAE/MPSC is Saginaw Plaza’s long-term tenant.
To celebrate project completion, Ameresco sponsored an open house on September 28. MAE/MPSE hosted the event at their facility located at 7109 W. Saginaw Highway, Lansing, MI. The celebration was in honor of the project completion and the project is expected to save more than $25,000 annually in energy costs.
The recently completed ESPC included energy efficiency upgrades and infrastructure improvements such as interior and exterior LED lighting, an energy kiosk, and a new pole-mounted 20kw solar array. Additional energy conservation measures were identified and installed as a result of Ameresco’s energy audit including a new roof, more energy efficient insulation, two electric vehicle charging stations, weatherization and programmable LED simulated skylights by Arborlight (a Michigan company).
“Reducing energy waste is the best answer for Michigan taxpayers and ratepayers, and it is exciting to be part of building a better energy future for Michigan,” said Valerie Brader, Executive Director for the Michigan Agency for Energy.
MAE/MPSC, the first state energy agencies in the U.S. to implement Property Assessed Clean Energy (PACE) funding for energy efficiency and renewable energy, afforded the opportunity for the facility owner to obtain 20-year, fixed-rate financing for the clean energy measures. This public-private partnership for the efficiency improvements utilized Michigan’s PACE statute. PACE is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any commercial, industrial, non-profit, and agricultural property. Property owners use PACE because it saves them money and helps make their buildings more valuable. PACE financing pays for 100% of a project’s costs and is repaid for up to 20 years. PACE financing stays with the building with an assessment added to the property’s tax bill upon sale. Local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.
“Ameresco commends the Michigan Agency for Energy and the Michigan Public Service Commission for their leadership and collaboration to role-model cost effective ways to install energy efficiency and renewable energy improvements,” said Louis Maltezos, Executive Vice President, Ameresco. “Commonly perceived barriers, such as project funding and providing economic value for both building owners and renters are overcome with Energy Savings Performance Contracting.”
Annual energy savings are expected to exceed $25,000, and the savings due to reduced energy consumption exceed the cost of repaying the loan. In addition, Saginaw Plaza is able to take advantage of the tax credits. The annual emissions reduction from this project is expected to be approximately 157 metric tons of CO(2) . It is the equivalent of taking 33.1 passenger cars off the road; or the carbon sequestered by 129 acres of U.S. forests in one year or 4,026 tree seedlings grown for 10 years.
About Michigan Agency for Energy
The Michigan Agency for Energy (MAE), coordinates analyzes, advises on and advocates for the state’s policies, programs and proposals related to energy. MAE also provides energy related information and assistance to state departments and agencies. For more information, visit www.michigan.gov/energy.
About Michigan Public Service Commission
The Michigan Public Service Commission (MPSC) administers policies and regulations to ensure that energy and communications services are provided in an efficient, reliable, and safe manner to adequately meet the needs of Michigan residents. For more information, visit www.michigan.gov/mpsc.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
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SOURCE: Ameresco, Inc.