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Board approves $10.6 million energy‑savings project to upgrade lighting, HVAC and controls
Summary
The board approved a guaranteed energy‑savings project with Verigee, funded via lease financing and federal/rebate incentives; the district expects about $460,000 in first‑year utility savings and a 20‑year guaranteed savings term.
The Liberty Elementary School District governing board voted Jan. 13 to approve a guaranteed energy‑savings project with Verigee covering lighting, HVAC controls, water conservation and solar, totaling approximately $10.6 million.
Verigee representatives and district staff outlined a project that would replace aging equipment across district sites, convert remaining fixtures to LED, upgrade building control systems and pursue water‑use improvements. The company estimated first‑year utility savings at about $464,000 and lifetime energy savings near $28.8 million; financing would be matched to those savings so the project is paid from utility‑savings streams rather than new tax levies. Verigee said the work would be completed in roughly 14 months and that incentives and rebates totaling about $970,000 had been identified to reduce the total financed amount.
The contract process uses a guaranteed‑savings model under state statute (referenced in the presentation). Under that model the contractor guarantees annual energy‑cost reductions; if measured savings fall short, the company is required to make up the difference. Legal and financing advisers told the board Bank of America had expressed interest in tax‑exempt lease financing for the project at a competitive rate and that the structure could be refinanced later if market rates change.
Board members asked about the guaranteed term (20 years) and whether the district could pursue additional project phases for new schools later; presenters said multiple phases are common and that future campuses can be included in later phases. Trustees also asked whether improvements would interfere with state facility funding (SFB) and were told facilities staff would continue to pursue SFB support where eligible.
On a motion to approve the Verigee Energy Savings Project in the amount of $10,600,000, the board voted 4–0 in favor (Ayes: Sarah Schmidt, Brian Cirincione, Kelly Zimmerman, Chris Kenyon).
