January 27, 2003—The New York State Energy Research and Development Authority (NYSERDA) will provide nearly half a million dollars to the Electro Abrasives Corp. to implement a series of energy conservation measures that will save the manufacturing plant more than $210,000 annually in electrical energy costs. Siemens Building Technologies Inc. will help implement these measures.
The funding came from NYSERDA’s New York Energy $mart program, which is designed to lower electricity costs by encouraging energy efficiency as the state’s electric utilities move to competition. The programs are available to all electric distribution customers (residential, commercial, institutional, and industrial) of Central Hudson, Con Edison, NYSEG, Niagara Mohawk, Orange and Rockland, and Rochester Gas and Electric.
The total project cost is $1.046 million. This figure represents project construction and installation costs of $780,000 and a monthly maintenance charge. In addition, Electro Abrasives utilized the $mart Loan Fund to borrow $370,000 to purchase a natural gas fired compressor and energy management system. The Loan Fund is available for qualified energy efficiency measures and reduces the cost of a loan by 450 basis points, or 4.5 percent. Electro Abrasives Corp. will save more than $45,000 in interest expenses.
Once completed, the installation of new equipment and upgrades will result in a reduction of 511.9 kilowatts per month, or $70,947 in reduced annual electric costs.
For more information about the $mart program, call 877/NY-SMART.
