Summerside looking to spend $4.3M to save $420K per year

The City of Summerside is looking to go greener, but it will cost them $4.3 million if they agree to implement a plan created for them by Honeywell Inc.

Last year that company won a request for proposals from the P.E.I. city to do an audit of the city's energy consumption and find ways to save energy and money.  Before Monday night's council meeting, the committee of the whole heard the results of that audit. 

"We as a city can save approximately $420,000 a year in energy savings by effecting some significant capital expenditures, many of which have to be done anyway, " said Mayor Bill Martin.

But to do that they will have to borrow $4.3 million to implement the capital improvements. 

"They propose that we enter into this 15-year agreement. They're guaranteeing the city $420,000  a year over that 15-year period. And that's subject to audit, and if there's any shortfalls they're going to cut us a cheque," Martin said.

Martin said many of the improvements are normal lifecycle replacements of things like air conditioning units and finding heat recovery options for Credit Union Place. Honeywell is also proposing the replacements of lighting which will bring significant savings.

"Thirty five per cent of the energy savings will come from the installation of LED streetlights, so our entire city will be moving to that over a phased in period." he said 

Council voted to defer the motion for approval to next month's meeting in order for councillors to have more time to go over the figures on their own before a vote.

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