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Chappell
From Page A5
actual savings are less than the 'guaranteed savings,’ the ESCO has to write you a check for the difference. ESCOs wrote several checks to Virginia localities last year.”
On Aug. 12 the School Board voted to invite several ESCOS from the State contract list to provide free energy audits this fall.
In September the board will ask the Board of Supervisors to consider financing a Performance Contract with an ESCO to do the energy upgrades with a Virginia Resources Authority low-interest loan (typically 12-15 year loan, but can be 20 years).
Again, the loan is paid off with the energy savings guaranteed by the ESCO and does NOT require additional local funding. If we don't save as much as anticipated. the ESCO writes us a check for the difference. A selection committee of the School Board may select one ESCO to do an in-depth energy audit in the spring. The board could sign a contract to begin the energy upgrades as early as next
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