ESCO Energy has signed agreements for two LED street light conversion projects in Connecticut at $1 million cost.
The initial installations in both towns will include the conversion of more than 2,600 street light fixtures with an estimated annual savings of around $225,000.
The conversion project is part of the Connecticut Conference of Municipalities (CCM) municipal Street Light LED Conversion Program.
The installation of the projects in Plainville, CT and Cromwell, CT is expected to be completed by Q3 2015.
ESCO is in negotiations with more than 20 members of the CCM, estimating the revenue generation potential of streetlight projects to be between $25 and $30 million which will be recognized over a three-to-five year period.
The company is confident of delivering a fully integrated street light acquisition and LED conversion program that incorporates a diversified range of financing options.
In addition, the firm can easily achieve the targets with the help of increased state and federal initiatives including the Presidents Challenge for Advanced Outdoor Lighting and the DOE’s Better Building Program.
ESCO’s turn-key Municipal LED Street Light Conversion Program provides economical help to communities in purchasing utility-owned street lights and then converting them to advanced LED technology.
The program includes project assessment and planning through implementation and maintenance.
Besides, it also enables towns to manage their own street lighting operations using Noveda Technology’s street light management controls and monitoring.
The management system provides clients full control, scheduling and individual energy metering, dimming and energy monitoring.
The system can enable wireless connectivity to central monitoring & controls providing client’s access to a GPS mapping user interface that identifies the location and status of each fixture and provides a portal to maintenance records.
ESCO’s Municipal Street Light Conversion Program is structured with no initial capital outlay required and is completely paid from the savings generated by the conversion thus generating immediate positive cash flow to the municipality.
In addition, ESCO’s also offers tax-exempt municipal lease financing to support potential LED project funding needs of the municipality.
Sabeena Wahid
[email protected]