East Hartford, Connecticut plans on inking a $5 million contract with Johnson Controls to upgrade heating, lighting, and power systems in 18 town and school buildings, the Journal Inquirer reports.
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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