Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, announced today that it has entered into an Energy Savings Performance Contract (ESPC) with the Town of Farmington, Connecticut. As part of the ESPC, Ameresco will construct and implement $3.7 million in energy efficiency measures at 22 facilities town-wide. Once complete, the measures are expected to save Farmington more than $245,000 annually over the contract’s 16-year term.
Faced with continuing budget constraints, this forward-thinking town and school district sought a solution that would eliminate over $2 million in pending capital expenditures, and not burden its taxpayers. In a spirit of cooperation, Board of Education and Town officials worked collaboratively for over two years to develop and implement a plan that would address an aging infrastructure, lower utility costs and at the same time keep tax dollars out of the equation.
“The performance contract concept and Ameresco’s expertise has allowed us to leverage resources, make improvements, and implement immediate conservation measures otherwise not possible in these economic times,” said Jeffrey Hogan, Chair of the Farmington Town Council.
The Town of Farmington is committed to green initiatives including energy conservation, renewable resources, recycling, and other environmentally friendly practices. Ameresco’s ESPC will build on this commitment and help to stretch the Town of Farmington’s dollars into more than $3.7 million of infrastructure renewal. Farmington will be able to make critical upgrades to its energy infrastructure and increase energy efficiency without bearing the burden of additional capital investment from taxpayers."The Farmington School District has made a commitment to environmentally friendly practices for many years. The performance contract is another critical step in advancing these practices to improve our facility infrastructure, enhance healthy learning environments, and realize savings for our community,” said Mary Grace Reed, the Chair of the Farmington Board of Education.