NORESCO Guaranteed Energy Savings Agreement With Elkhart County, Indiana to Save $1.5 Million Over 10 Years

WESTBOROUGH, Mass., April 26, 2011 /PRNewswire/ -- NORESCO, a national leader in energy efficiency and energy infrastructure solutions, is partnering with Elkhart County, Ind., to implement a $1.3 million guaranteed energy savings contract. NORESCO has projected annual utility savings at more than $80,000 with a total savings guarantee of more than $1.5 million over a ten-year agreement. Facilities slated for energy efficiency improvements are the Administration Building, the Courts/Annex Building, the Public Service Building and Work Release. NORESCO is a subsidiary of Carrier Corp, which is a unit of United Technologies Corp. (NYSE: UTX).

Elkhart County was able to secure American Recovery and Reinvestment Act of 2009 funds from the U.S. Department of Energy to cover nearly 50 percent of the project costs. The county will finance the remainder. It is anticipated that county dollars will be easily recouped over the life of the new energy-efficient equipment with utility savings from reduced energy consumption.

Kris Krueger, grants administrator, Elkhart County, stated, "Elkhart County is excited about this project. The best part is the project providing employment opportunities to local contractors while the county improves its energy efficiency, which will go a long way toward protecting our environment and the health of our community."

NORESCO and the county will employ local contractors to implement strategic energy conservation and building improvement measures. Critical components of the project include new direct digital controls energy management systems, lighting upgrades and mechanical improvements.

"This project is a unique opportunity to deploy Indiana manufacturing expertise in a guaranteed energy savings contract, but use of local talent is a common part of NORESCO projects. It's simply good business and good citizenship," stated David Corner, senior account executive, NORESCO. "The State of Indiana provides the guaranteed energy savings tool, and the residents of Elkhart County benefit."

The project is calculated to reduce the county government's annual energy usage by 897,989 kWh of electricity and 10,229 therms of natural gas. Emissions of carbon dioxide associated with county buildings are expected to drop by approximately 750 metric tons, roughly equivalent to the annual emissions of 147 cars.

About NORESCO

As one of the largest U.S. energy services companies, NORESCO specializes in the development, design, construction, financing and operation of energy and environmental efficiency projects, performance contracting and central energy plants. In addition to county governments, NORESCO clients include federal and state government agencies, universities, school districts, hospitals, industrial and commercial businesses. NORESCO has implemented more than $2.5 billion in energy savings at more than 2,000 sites throughout the U.S. and abroad. NORESCO is a subsidiary of Carrier Corp.

About Carrier Corp.

Carrier Corp. is the world's leader in high technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and foodservice customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide.

SOURCE NORESCO