NORESCO plan enables the city school district to fund infrastructure improvements in 48 schools at no cost to taxpayers
PITTSBURGH, Nov. 15, 2001 – The Pittsburgh Public Schools has selected NORESCO, a energy services company and wholly-owned subsidiary of Pittsburgh-based Equitable Resources, to implement about $10 million worth of energy-efficiency and building infrastructure projects in 48 of its schools.
An estimated $914,000 annual savings in reduced energy and operating expenses will pay for the improvements over a 10-year period, after which the total energy-cost savings will accrue for additional investments within the school system.
“This is a guaranteed energy-savings project,” said Superintendent John W. Thompson, Ph.D. in announcing the program. “Using the energy-cost savings and an innovative funding mechanism to pay for the project allows our district to improve the learning environment and upgrade our facilities by leveraging operating budget resources.
“It’s not every day that you can arrange $10 million worth of capital improvements without raising taxes and be able to create energy-saving, high-performance buildings and improve the educational environment at the same time!” he emphasized.
According to Randy Clark, Director of Development for NORESCO, “We are very pleased to be able to expand our existing relationship with the Pittsburgh Public Schools to save additional energy, and to make significant facility infrastructure improvements resulting in better quality lighting, improved comfort and more reliable systems. Our proven experience implementing highly effective energy savings technologies in the school district provides us with a sound basis to guarantee the predicted energy savings.”
The Pittsburgh Public Schools will finance the project primarily using a federally-sponsored financing program allowing qualifying schools to finance the equipping and/or renovating of school facilities on an interest-free basis through the allocation of tax credits to the lender. The balance of the project will be funded by the school district using the excess energy savings generated by the project.
Construction, which is scheduled to begin in mid-fall, includes the implementation of new and retrofitted energy-efficient lighting, a comprehensive computerized energy management system, a waste heat recovery system, variable frequency drives and water-saving improvements.
“The renovations we are making are essential to providing the type of learning environment that our students need in order to excel,” said John Walluk, director of facilities for the school district. “Economically financing the improvements from energy savings is a primary example of the way we are working in partnership with the corporate community and the federal government on innovative funding methods to provide a learning environment that will better support student achievement.”
NORESCO’s Mid-Atlantic regional office is located in Pittsburgh’s Allegheny Center. Headquartered in Westborough, MA, NORESCO has local offices in the Northeast, Southeast and West Coast and is accredited by the National Association of Energy Service Companies. The company has extensive experience in implementing comprehensive, customized energy solutions and infrastructure development and operations strategies in more than 20,000 buildings nationwide.
NORESCO is the nation’s most experienced energy service company providing comprehensive and proven energy-efficiency solutions and infrastructure development and operations strategies to a wide range of customers. A recognized industry leader, installing and operating over $1.4 billion of proven energy solutions in diverse markets across the nation, NORESCO has built on-site energy facilities generating more than 300 megawatts of power. NORESCO has further helped customers improve energy efficiency, saving over 31 billion-kilowatt hours of electricity and 71 trillion Btus of fuel.
NORESCO, LLC is a wholly-owned subsidiary of Equitable Resources providing energy management services for projects across the United States and in selected international markets. Pittsburgh-based Equitable Resources is an integrated energy company with emphasis on Appalachian area natural gas supply, natural gas transmission and distribution, and edge energy management services for customers throughout the United States.