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Article filed under Energy, Energy Self-Reliant States

While Many Wait for Stimulus, One City Borrows to Save Money

| Written by John Farrell | No Comments | Updated on Oct 29, 2010 The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/while-many-wait-stimulus-one-city-borrows-save-money/

Unlike many cities, Portland, Maine, has forged ahead with a significant energy efficiency plan without federal stimulus dollars.  Simply borrowing money through bonding to investing in energy saving improvements, the city will – over 20 years – reduce operating costs by $700,000 per year and shrink its carbon footprint by 30 percent.

PORTLAND — The City Council agreed Monday night to borrow as much as $11 million for energy improvement projects in 30 municipal and 15 school buildings throughout Portland…Councilor David Marshall said the energy conservation measures will enable the city to reduce its carbon footprint by more than 30 percent.

…Ameresco [a Massachusetts-based consulting firm] has said that the projects will save about $700,000 a year in utility costs, and by the end of the 20-year bond period will pay back the cost of the work and interest on the bond.

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About John Farrell

John Farrell directs the Energy Democracy initiative at the Institute for Local Self-Reliance and he develops tools that allow communities to take charge of their energy future, and pursue the maximum economic benefits of the transition to 100% renewable power. More

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