Lights tonight:
In honor of the 75th Anniversary of the Overseas Press Club
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Project Finances

So how much does this all cost? Below are some answers to common questions regarding cost, savings, the performance contract, and financing.

1. How much does the recommended package of 8 energy efficiency projects cost?

The total incremental cost for efficiency beyond planned infrastructure upgrades is $13.2 million. Some funding within the existing capital budget was re-allocated to different projects, while some funding was removed as projects were deleted, and other funding was added to support new efficiency projects. The sum of all these changes, deletions, and additions is $13.2 million. This incremental cost includes soft and hard costs required to provide, install, and set into proper operation all equipment and systems that make up the project.

2. How much money does this package save?

The package of eight measures saves $4.4 million annually once fully implemented.

3. What is the total value of the performance contracts?

Five of the eight projects will be implemented using a performance contract. The total cost (not incremental) to implement those measures is $20 million. These projects will save $2.4 million of the total $4.4 million annual savings.

4. How will the project be financed?

A financing solution is currently being sought that covers funding all costs, and spreads all payments over the performance period or term. Implementation period draws will be required monthly through the 18-month implementation schedule to meet construction requirements. The owner is seeking project financing that can be paid back over a 15 to 20 year period, depending on the offers available from respective financial institutions.