Lime Energy (Nasdaq: LIME) has been awarded a contract with Long Island Power Authority (LIPA) to provide energy efficiency services.
Under the $36 million contract, LIME will serve as the exclusive provider for LIPA’s Small Business Energy Efficiency Program over the next five years.
The program offers qualifying small businesses incentives of up to 70% toward the cost of energy efficiency upgrades. The program is part of its $900-plus million "Efficiency Long Island" strategy to defer distribution and generation system upgrade costs by reducing peak energy demand.
To achieve the goal, LIPA needs to penetrate the small commercial sector, which has historically proven to be a challenge.
Under the contract, Lime will provide turnkey lighting retrofits, including engineering design, installation, customer financing, and program administration.
Its auditors will use a handheld computer and web-enabled technology to quickly identify opportunities to save energy and reduce operating costs. Lime will employ local subcontractors, creating over 50 green jobs.
Other area utilities such as National Grid in New York and the New Jersey BPU’s Small Business Energy Efficiency Program have also contracted with Lime for similar programs.
"More and more utilities are embracing the small business direct install program. In 2010, we provided approximately 76,000 megawatt-hours of energy efficiency for more than 2,000 small business customers in New York and New Jersey, says John O’Rourke, COO of Lime Energy.
Lime is one of the energy efficiency stocks we cover in our newsletter, Progressive Investor.
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DON’T WASTE YOUR TIME with this deal. They say they will upgrade your lighting for 1/3 the cost, my small little business they quoted me over $7000. Ridiculous! I can do it for 1/3 that much.
Like the old saying goes, if it seems to good to be true, it’s a scam!
Lime quoted me job it was 60 percent higher than all other estimates it’s the usual lipa bullshit