Self-Funding Energy Efficiency Project Approved By Ramapo Board

WYCKOFF, NJ — A proposed energy efficiency program that is projected to fund itself through energy savings over the next 15 years was approved by the Ramapo Indian Hills Regional School Board at the Nov. 28 meeting.

Board members, all except for Marianna Emmolo and Judy Sullivan, voted to implement the program, and approve a tax-exempt lease purchase agreement with TD Bank in an amount not to exceed $5.6 million. The lease will finance energy conservation measures and other costs associated with the program.

Energy savings generated from the program are expected to cover the cost of measures set forth in the plan, and potentially fund future infrastructure and facility improvements.

"It is one of a few ways a school district can take advantage of a state-approved program in order to move the district forward," Superintendent Rui Dionisio said at the meeting. "(Administration) feels confident that we will be able to manage the program effectively, and that it is a huge win for the district."

In accordance with the bid submitted by TD Bank and approved by the board, the interest rate shall be 3.63%, and in exchange for the authorization of the lease, the board will receive the funds to finance the program.

Construction Engineering Company DCO Energy was selected to help prepare an energy savings plan with the intent to later enter into a contract to implement the measures described in the plan. DCO developed the plan with the district's architect and professional staff of the board.

A $900,000 rebate will be provided to the district from the state for implementing the plan. A $25,000 guaranty was also offered by DCO and subsequently approved by the Board to help reduce volatility risk to the district.