On April 7 the East Palestine Board of Education approved a proposal from Energy Optimizers, USA (http://energyoptusa.com/ ) to embark on an energy efficiency program. This program will fit the exterior of the district with new LED lighting, update the buildings to high efficiency boilers, and retrofit all existing interior lighting fixtures. These upgrades will be completed using a HB264 project that does not require the use of any taxpayer funds.
HB264 programs allow districts to obtain a loan to complete energy efficient improvements, then use the energy savings to pay back the loan. Thus, no additional burden to taxpayers. The EP project will cost $541,840, with an anticipated yearly energy savings of $56,549. Of this yearly savings, $45,545 will be used as the annual loan payment. The remaining annual energy savings of $11,004 is additional revenue for the district.
Over the 15 year term of this program, EP Schools will realize a minimum of $165,060 in additional revenue at no additional cost to our community.
Through the energy savings of this program, EP Schools will use 90% of the $11,004 of annual energy savings to support increased student achievement in the areas of reading and math. The additional 10% of energy savings will be applied as an additional payment to reduce the term of the HB264 loan.