CDFA Clean Energy Fund to Save Franklin Over $30,000 Per Year2016-02-22
CDFA Clean Energy Fund to Save Franklin Over $30,000 Per Year
(Concord and Franklin, N.H.) – The New Hampshire Community Development Finance Authority (CDFA) recently completed financing a municipal streetlight conversion project with the City of Franklin, replacing nearly 500 streetlights with energy efficient LED fixtures which will save the city $31,000 annually in electricity costs. The project is part of the “Franklin Goes Green” initiative and the result of its partnership with CDFA’s Clean Energy Fund and Energy Efficient Investments (EEI).
“We are focused on energy efficient initiatives like the municipal streetlight conversion project which will bring significant cost savings and a great return on investment to the residents of Franklin,” said Judie Milner, Finance Director for the city of Franklin. “We have received nothing but positive comments on the new streetlights – it has definitely been a worthwhile project.”
The cost of the streetlight conversion project is $165,200 after utility rebates with a simple payback period of less than six years. Franklin has financed the project through a low-interest loan from CDFA’s Clean Energy Fund. The financing was structured to ensure the annual savings are greater than the annual loan payments, resulting in a cash-flow positive project from the onset and until the loan is paid off.
“Through its conversion to energy efficient LED fixtures, Franklin is leading the way for New Hampshire communities looking for low-barrier, cost effective ways to improve local sustainability efforts,” commented Joseph Harrison, Director of Clean Energy Finance at CDFA. “We hope to see more communities throughout the state implement similar programs by taking advantage of the technical and financial support available from CDFA’s Clean Energy Fund.”
In addition to reducing Franklin’s streetlight bill by half as a result energy savings, the new LED fixtures provide a vast improvement in streetlight quality with a more focused lighting solution which reduces light pollution. The new LED fixtures have an expected life of at least 20 years and Franklin plans to divert the energy savings into other much needed projects. This is only the second municipal streetlight conversion project in New Hampshire. Manchester was the first city in state to convert to energy efficient LED fixtures in 2015 when it replaced nearly 9,000 streetlights.
CDFA’s Clean Energy Fund provides technical and financial resources for economically-justified projects that increase efficiency and reduce costs in the generation and utilization of energy. Financing products are available for businesses, non-profits and municipalities, and applicants are able to fill out a common application using CDFA’s online Grants Management System. Eligible technologies include audited energy efficiency work and renewable energy projects including biomass, thermal and solar panels. For more information visit http://www.nhcdfa.org/energy
Merrimack-based EEI was hired to design the project, complete the conversion and guarantee the energy savings. EEI was founded in 2007 and specializes in performance contracting in New Hampshire.
CDFA, created by state legislation in 1983, is a statewide nonprofit public authority focused on maximizing the value and impact of community and economic development programs in New Hampshire through its own programs and those of its partners through the scaling and leveraging of its own financial and technical resources. CDFA’s assets under management exceed $25 million annually. Those resources include competitive deployment of grants, direct debt, and equity; highlighted by state tax credits, federal Community Development Block Grant resources, Neighborhood Stabilization, and multiple clean energy and efficiency finance products via the CDFA Clean Energy Fund. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.