The State of Michigan awarded $25 million in Qualified Energy Conservation Bond (QECB) allocations through an open application process coordinated by the Michigan Agency for Energy (MAE), in cooperation with Michigan Department of Treasury.
Delhi Charter Township will receive a $4,712,493 QECB allocation to go towards the $4,767,493 total project cost to upgrade electrical and mechanical systems; install energy conservation measures in public buildings, streetlights and wastewater treatment plant; and reduce energy use by at least 20 percent with a guaranteed energy performance contract from Honeywell.
“Reducing energy waste has played an important part in reaching Michigan’s energy goals,” said Valerie Brader, executive director of MAE. “These projects will build on the state’s successes well into the future.”
QECBs were authorized by the federal government for states, territories, large local governments and tribal governments to finance energy efficiency and renewable energy projects.
The benefit for the bond issuers is the substantial interest rate subsidy throughout the term of the financing, reducing the overall cost of making capital improvements.
According to Delhi Township Manager John Elsinga, the township will save $284,646 per year after making the changes. The result will be a more efficient energy use plan that saves on costs and energy consumption.
You can hear Elsinga talk more about the program at this link in an interview on 1320 AM WILS: http://1320wils.com/podcasts/the-wils-morning-wake-up