Ameresco, Inc., (NYSE:AMRC), a leading energy efficiency and renewable energy company, announced today the execution of an energy performance contract with the Fall River Housing Authority (FRHA). The project will provide water and energy efficiency upgrades to more than 1,500 FRHA housing units.
“We are pleased to continue our partnership with Ameresco through this contract,” said Dan McDonald, FRHA Deputy Executive Director. “The HUD energy performance contract program uses the energy and water savings to leverage private capital to cover the costs of the improvements, so there is no ‘out-of-pocket’ cost to the FRHA.”
Mr. McDonald indicated that the $6.8 million scope of work includes water and lighting efficiency upgrades, upgraded apartment temperature controls, cogeneration, and mechanical system upgrades for space heat and domestic hot water. In addition, energy management systems will be installed to control and monitor the efficiency upgrades.
“Under our long-term partnership, FRHA is expected to save $13 million over the 20-year term of this project,” said David J. Anderson, Executive Vice President of Ameresco. “These savings will enable FRHA to provide energy efficiency and infrastructure upgrades to its properties with no up-front cost on a cash flow-neutral basis. This allows the Authority to further their mission of assisting lower income families with safe and affordable housing, and provides greater comfort for its residents.”Construction will begin in early 2013 and continue for about 15 months. Peter Proulx, FRHA Director of Facilities Management, has worked closely with Ameresco in developing the program and will be responsible on behalf of the FRHA for administration moving forward. The U.S. Department of Housing and Urban Development (HUD) energy performance contract program provides incentives to public housing authorities across the country to implement energy and water savings improvements to their housing units. Since inception of the program about 20 years ago, more than 240 public housing authorities nationwide have participated in the program, which has leveraged over $839 million in energy and water improvements.