March 26, 2014: ABM Energy Efficiency Project to Save BrandsMart USA $1.6 Million
ABM and Ygrene Partner on Florida’s Largest PACE Energy Funding Contract
NEW YORK — ABM, a leading provider of facility solutions, has been selected by consumer electronics and appliance retailer BrandsMart USA® to complete a facility-wide energy conservation project that is expected to save its South Dade County, Fla., location 34 percent on its annual utility costs. The project is funded through the Ygrene Energy Fund, a developer and administrator of clean energy financing programs.
The customized solution includes major enhancements to the facility’s heating and cooling equipment, replacing lighting fixtures with cost-effective LED lighting, and modifying its existing energy control system. In all, the BrandsMart USA location is expected to save $135,000 in annual costs and more than $1.6 million over the life of the contract.
The program known as Property-Assessed Clean Energy (PACE) allows BrandsMart USA to pay for the energy upgrades over time rather than upfront using long-term, low-interest financing. Under PACE, projects are repaid through an annual assessment on the property tax bill that is linked to the property as opposed to the owner.
“We are thrilled to provide energy efficiency solutions to another existing ABM client. Our ABM Security Services group has been working with BrandsMart USA and made us aware of the energy infrastructure upgrades needed in their buildings,” said ABM’s energy business senior vice president Bill Maurer. “PACE is a great way for us to connect building owners with private capital, ensuring that their buildings will be more efficient, comfortable, and sustainable. ABM has been helping its education and local government clients find financing solutions that enable ABM to upgrade their energy systems with no upfront cost. It is an exciting time now that these financial solutions can be utilized in the commercial market as well.”
BrandsMart USA’s energy improvements constitute the largest project to date in Florida leveraging PACE and falls within South Florida’s Clean Energy Green Corridor PACE District. The deal taps into the Clean Energy Corridor’s $230 million bond issuance financed through private capital. Ygrene’s program is having a significant impact on economies in which the programs have been introduced throughout the United States. In Florida alone, commercial renewable energy and efficiency projects are projected to contribute more than 8,250 jobs and generate close to $837 million in economic output over the next five years.
“We selected ABM to make these critical infrastructure upgrades because of their proven track record as an industry leader in the energy services business,” said Lary Sinewitz, executive vice president, BrandsMart USA. “Further, they have been able to assist us through the financing aspect of the Ygrene program. This is a win-win for BrandsMart USA and for our valued customers. We look forward to a tremendous partnership with ABM for years to come.”
For more information, visit www.abm.com.
Publication date: 3/24/2014