Project Details
- Programmed funding: $52,500,000
- Appropriated funding: $40,000,000
- Project type: Rehabilitation/repair
Description and Scope
As a measure to reduce energy costs while improving the learning environment, the school system has completed $14.1 million of energy performance contracting work in 31 schools through CIP 601016 Energy Performance Contracts (Schools).
This project would complete additional energy performance contracting work. The projects to be completed in this phase include replacement of outdated lighting and HVAC systems and other energy efficient initiatives.
Purpose and Need
As a measure to reduce energy costs as well as protect the environment, the school system has adopted energy performance contracts.
Energy performance contracts involve a vendor (contractor) conducting a detailed energy audit and then installing improvements to a building that reduce energy costs. The savings associated from the reduced energy costs are expected to exceed any debt service costs incurred from the issuance of Public Facility Revenue Bonds.
The savings are guaranteed by the contractor, who is required to acquire a performance bond. If the savings do not materialize, the shortfall is paid to the school division.