CT Town Plans $5 Million in Energy Upgrades
When the Mayor signs the deal, which was approved by the town council,¬†Johnson Controls will¬†spend the following 10 months making energy improvements.
The town expects to save $500,000 to $700,000 in energy costs annually over the life of the 11-year contract. Including energy rebates and incentives, the town should end up saving about $7.1 million in energy costs by the end of the contract.
Bank of America is expected to loan the $5 million, and the energy savings will cover the loan payments and $1.2 million in interest.
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