Schools To Implement $1.5 Million Energy Saving Plan
Midland Park Board of Education has found a way to upgrade aging facilities while sparing taxpayers the expenses through the Energy Savings Initiative Program. The program works by leveraging future energy savings to fund projects that will reduce energy costs over the next 15 years.
The district was approved for $1.5 million in upgrades, which could include boilers, heaters and windows among other items. According to School Business Administrator, Stacy Garvey, the exact scope of the project and list of approved items has yet to be determined. The district is awarding the contract to Honeywell Building Solutions with a project completion date of November 2013.
Honeywell funds the project upfront and the district repays the company out of money realized through energy savings over the next 15 years. Honeywell guarantees the savings will cover the costs of the upgrades and provides insurance to cover it.
The benefits of the program is it allows the district to make much needed upgrades without having to go out for a bond. In December 2012, voters rejected a $15.5 million referendum, which included new boilers and windows among other projects.
The district is expected to memorialize the agreement at its July 23 Board of Education meeting, the agenda of which is available here.