RENEW Energy Partners, a company committed to addressing the challenges of climate change by accelerating the adoption of energy-efficiency and clean energy solutions, today announced the official launch of RENEW It Now NY, an initiative focused on speeding the implementation of energy-efficiency retrofits and clean energy upgrades in Commercial, Industrial and Institutional buildings throughout New York State. RENEW It Now NY won participation in NYSERDA’s Emerging Technologies and Accelerated Commercialization program which supports innovative projects and project approaches by providing participants with special incentives, additional measurement and verification of project performance, and showcasing of projects.
How the Program Works
RENEW Energy Partners has raised a multi-million-dollar capital pool from “impact investors” which it uses, in combination with its turnkey energy-efficiency services and industry partnerships, to fully fund and execute energy-efficiency projects for building owners that have other demands on their capital budget and would otherwise delay an energy efficiency upgrade or on-site clean energy project.
RENEW It Now NY works with energy services firms and design build firms in New York State to connect their customers to RENEW’s funding structuring and project ownership services.
The Program enables building owners to put energy-efficiency measures on the “fast track” to make buildings more efficient right now. Program partners, design-build firms and energy solution providers work with their customers, qualifying operational needs and conducting building audits to identify energy-saving opportunities. Working closely with these firms, RENEW models the energy baseline and potential energy savings opportunity for the customer. Under RENEW’s energy-efficiency-as-a-service model, RENEW implements and maintains all the energy-efficient equipment and the owner pays out of the savings, keeping part of the savings for themselves. RENEW also monitors project costs and emissions savings over time.
Customers sign an Energy Services Agreement (ESA) and/or, in instances where they opt for on-site energy generation, a Power Purchase Agreement (PPA), under which they agree to pay RENEW an agreed upon rate – one that is lower than their current rate – for the energy saved and/or produced. At the end of the agreement, which typically range from 6-10 years (and up to 20 years for CHP), the customer can take ownership of the equipment for a market value price and continue to reap the savings.
Stephen Pritchard, Principal, RENEW Energy Partners, said: “Waiting to do energy-efficiency projects costs building owners money and wastes precious time in the fight against climate change. So the pivotal question is – why delay? With RENEW It Now NY, executing energy-efficiency projects delivers building owners a higher cash flow than what they would get by waiting 18 months or longer and doing it on their own. Energy efficiency is one of the great weapons at our disposal to slow global warming. It is imperative that we put it to use immediately, and at scale, to limit the most dramatic effects of global climate change.”
Participation in RENEW It Now NY enables building owners to upgrade their facility’s energy systems and reduce climate emissions without having to deploy their precious capital budgets.
About RENEW It Now NY
RENEW It Now NY was launched by RENEW Energy Partners LLC, with initial support from NYSERDA, with a mission to reduce energy use and battle climate change by making energy efficiency easy and immediate. This initiative helps create a more robust market-based approach throughout New York State to accelerate the implementation of energy-efficiency and clean energy infrastructure projects that preserve capital while delivering Triple Bottom Line results. RENEW It Now NY works with customers by partnering with design-build firms and energy service providers, helping participants to leverage RENEW’s innovative deal structure and funding platform. More information is available at https://renewep.com/renew-now-ny/. Contact Jim Bittker at jim.bittker@renewep.com.
About RENEW Energy Partners LLC
RENEW Energy Partners is a company committed to addressing the challenges of climate change by accelerating the adoption of energy-efficiency solutions. The company has raised a multi-million-dollar capital pool from “impact investors” which it uses, in combination with its turnkey energy-efficiency services and industry partnerships, to fully fund and execute energy-efficiency projects for building owners. For more information about RENEW Energy Partners, please visit www.renewep.com.
For additional information, contact:
Michael Savage
msavage@renewep.com
or
Jim Bittker
RENEW it Now NY
585.943.7604
jim.bittker@renewep.com
