Lime Energy (LIME) - News - Awarded Energy Efficiency Direct Install Program Contract for PSE&G
Lime Energy Co. (NASDAQ: LIME) announced the award of a two-year contract by Public Service Electric & Gas for the implementation of their Energy Efficiency Direct Install Program. PSE&G is one of the largest combined electric and gas companies in the United States and is also New Jersey's oldest and largest electric and gas utility. The Program, serving municipalities and not-for-profits, is budgeted for $25 million over the next two years.
Lime Energy is one of three primary implementation contractors, and will provide comprehensive multi-measure efficiency projects for municipalities, with territory exclusivity in forty-two Northern New Jersey towns. The projects will be funded in whole by PSE&G, with each municipality re-paying 20% of the project cost through on-bill financing. This 80% incentive allows municipalities to capitalize on PSE&G's commitment to satisfy increasing power needs through investments in efficiency in their customers' facilities.
"Lime Energy's experience in delivering clean energy solutions to this market segment in New Jersey is second to none," said Adam Procell, Executive Vice President at Lime Energy. "We completed over 400 project audits and installations for municipalities in New Jersey over the past two years through the very successful NJ BPU Direct Install Program, so we have high confidence in our ability to exceed PSE&G's aggressive goals."