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Under the contract, future energy cost savings associated with new, high-efficiency equipment are guaranteed by Chevron Energy Solutions, enabling the district to finance the installations with a much smaller initial investment than would be needed under traditional financing methods. This form of contracting has been popular among schools and other public institutions because it enables them to retain capital resources for other critical needs while benefiting from facility upgrades and reduced energy costs.
Chevron Energy Solutions worked with district officials to develop a program that included:
The energy savings from these upgrades will pay for about $4 million of the $6.4 million project, with the remainder being financed by the district.
"In completing this project, Chevron Energy Solutions has guaranteed that the school district will slash its energy bills," said Henry Arledge, superintendent of Harrison County Schools. "We're very pleased to have achieved this result, along with the improvements to our school facilities, without depleting our capital budget."
Jim Davis, president of Chevron Energy Solutions, said, "Through this project, the district is providing the students, faculty, and staff with a better, more comfortable learning environment, while realizing the additional benefits of lower energy costs."
Chevron Energy Solutions has begun the monitoring phase of the energy savings performance contract, and will provide monthly reports to school officials detailing energy savings in each of the facilities. Through yearly onsite visits and by monitoring energy usage patterns, the company will also provide the district with strategies for capturing additional savings.
For more information, visit www.chevronenergy.com.
Publication date: 09/13/2004