Framingham, Mass.-based Ameresco Inc. has signed a contract with Saginaw Plaza Ltd. to upgrade the latter's facility in Lansing, Mich., with energy-efficiency technology and solar power.
The $437,000 energy savings performance contract (ESPC) is eligible under Michigan's property assessed clean energy (PACE) program. The upgrades to the facility, which is leased to the state's public service commission and energy agency, cover a number of improvements to lighting, water conservation, and new heating and cooling systems. The project also involves the installation of a 20 kW pole-mounted solar array.
PACE financing pays for 100% of the project's costs and is repaid for up to 20 years. The project is expected to be completed by the end of August.
‘After researching this new form of financing for clean energy projects, we got very excited about being one of the first to use PACE financing for lease to a state agency,’ says Jim Ferguson, manager and general partner of Saginaw Plaza.
