Chicago Public Schools’ officials have approved a $17.6 million performance contract with the Energy Solutions division of TAC.
TAC guarantees that CPS will reduce utility costs by $1.25 million annually when the project is completed in 2009.
TAC is delivering this project through performance contracting. Performance contracting projects are funded in a variety of ways, including general obligation bond funds, maintenance reserve funds, and financing secured against guaranteed energy savings. TAC guarantees the amount of savings the projects will achieve and agrees to pay the difference if that amount is not realized.
CPS serves more than 410,000 students from a 20-story building with 503,000 square feet of space in downtown Chicago.
At the administration building, TAC will apply a variety of energy conservation measures that include modifying the chilled water system by installing an on-site chiller plant for the building, a new building management system, new windows, and new light fixtures.
TAC is a member of the Clinton Climate Initiative.
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