Town of Easton Partners with Ameresco to Design, Build, Own and Operate Roof-top Solar Systems at Schools
Solar power purchase agreement to help reduce electricity rate resulting in savings for the Town
FRAMINGHAM, MA and EASTON, MA – April 25, 2016 – Ameresco, Inc., (NYSE:AMRC), a leading energy efficiency and renewable energy company and the Town of Easton, MA, today announced that Ameresco will design, build, own and operate roof-top solar systems at two Easton schools. The systems will include 2,299 panels installed on the roofs of the schools, generating approximately $79,000 in net metering credits in the first year and upwards of $1.24 million over the 20-year term of the agreement for the Town of Easton.
“It’s exciting to see the solar initiatives at our High School and Middle School finally coming to reality,” said David Colton, Easton Town Administrator. “Solar projects like this are not only good for the environment, but for our Town’s bottom line. This project allows us to save over a million dollars in energy expenses over the next 20 years without any capital costs incurred by the Town or our schools.”
The Town of Easton entered into a 20-year solar power purchase agreement (PPA) with the developer, Ameresco, where the Town will purchase the generated electricity at a fixed rate that is lower than it currently pays to National Grid, resulting in annual utility budget savings. Rooftop-mounted solar panels are being installed at the Oliver Ames High School and the Easton Middle School. Once the systems have been completed, they’re expected to generate 16,664,396 kWh over the term of the agreement.
“Ameresco commends the Town of Easton’s leadership for their dedication, commitment and persistence in embracing a renewable energy solution for the schools,” said David J. Anderson, Executive Vice President, Ameresco. “Not only fiscally prudent for the Town, the solar generation provides an excellent learning opportunity for students to experience first-hand, clean energy and sustainable practices as part of their overall education. Easton’s future leaders can benefit from a teaching curriculum based on real-life examples including topics matched with MA Learning Standards for Science and Technology/Engineering Frameworks and MCAS.”
Construction is expected to begin this summer. Once complete, the total installed capacity of the solar systems will be over 700 kW. Annual energy savings for the schools is expected to be nearly 900,000 kWh. In support of the Town’s sustainability goals, renewable generation from the solar systems will help reduce carbon dioxide emissions by approximately 733 tons annually, the equivalent to removing 122 cars from the road each year.
Selectman Dan Smith said, “Easton continues to drive its energy strategy forward to deliver a strong return on our investment saving tax payer dollars while supporting our commitment to sustainable practices and environmental stewardship.”
Designated a Green Community in 2010, Easton is a leader in municipal energy efficiency and cost savings efforts statewide. The Easton Middle School and Oliver Ames High School solar arrays follow many successful energy efficiency projects in Easton, including the Town’s ongoing energy efficiency performance contract and associated improvements to municipal and school facilities which is projected to save $250,000 in energy costs annually, while improving indoor air quality and comfort conditions in the buildings.
About the Town of Easton
Incorporated in 1725, the Town of Easton is located 30 minutes from Boston, 45 minutes from Cape Cod, and 45 minutes from Providence. The community is approximately 29 square miles in area and has an estimated 2010 population of 23,357. Easton, although primarily a residential community, has experienced rapid and positive growth over the last decade. It has an active and vibrant small business community, and the Easton Chamber of Commerce provides services and support to its members. Easton citizens have a long history of supporting an excellent school system. The renovation and expansion of the Oliver Ames High School and the Easton Middle School was completed in October, 2008, providing students with modern, state of the art facilities and a show case 1200-seat auditorium. Oliver Ames is a comprehensive high school designed to meet the educational needs of all students and offers a broad range of honors and advanced placement courses.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total construction backlog. This project was included in our previously reported fully contracted backlog as of December 31, 2015.