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Board approves $10.6 million energy-savings project to cut utility costs, add solar and upgrades
Summary
The Liberty board approved a $10.6 million energy performance contract with Verigee on Jan. 13 to fund LED lighting, HVAC, control-system upgrades, water conservation and covered-parking solar. Administration said the project is structured so utility savings would fund payments over 20 years with no tax increase.
The Liberty Elementary School District governing board voted 4–0 on Jan. 13 to approve a $10.6 million energy-savings project with Verigee that the district says will pay for building upgrades using guaranteed utility savings.
Dane Bolden and representatives from Verigee presented the project to the board, explaining that the work would include LED lighting retrofits, HVAC replacements and control-system upgrades, building-envelope improvements, water-efficiency measures and covered-parking solar at selected meters. Verigee representatives said the district’s current annual utility bill is about $1 million; project modeling estimated first-year net savings of about $464,000 and lifetime savings of roughly $28.8 million over the guaranteed period.
Jim Gill of Gust Rosenfeld, the district’s bond counsel, and Verigee staff described financing options and noted that the project would be structured as lease financing tied to energy savings with a 20-year guaranteed savings term. “These projects are designed so the savings match the lease payments,” counsel Jim Gill said, addressing board questions about financing and incentives. The presenters also included estimated federal incentives and utility rebates of roughly $970,000 that would reduce the net project cost.
Board members asked about the 20-year guarantee, refinancing options and whether the project would prevent the district from applying for state School Facilities Board (SFB) funding for future capital needs. presenters said projects can be phased in over time and that SFB applications remain possible for separate capital work. The project team estimated an approximate 14-month construction timeline for the full scope.
(Ending) The board said the project would be a way to address capital needs without increasing taxes and to stretch other capital funds. Construction and financing steps will follow the guaranteed-savings agreement.
