Largest residential development in the United States enters into ten-year agreement that should significantly reduce electricity and maintenance costs
Teaneck, N.J.-based Green Energy Management Services Holdings, Inc. announced recently that it signed a 10-year efficient lighting installation and maintenance contract with Co-op City, New York. The contract entails replacing and retrofitting over 6,000 lighting fixtures and elements in eight parking structures within Co-op City.
The contract is estimated to provide Co-op City with approximately $350,000 in annual electricity savings and approximately $2,500,000 in maintenance cost savings over 10 years, by using power-saving, long-life induction and LED lighting. As compensation for the project, and upon the completion of certain contractual milestones, the company should receive $800,000 in the form of a grant from the American Recovery and Reinvestment Act. In addition, the contract calls for the Company to receive approximately $1,800,000.00 over the anticipated ten-year balance of the contract.
"We are very excited about beginning our work with Co-op City and its operating team," says Michael Samuel, the company's chairman and CEO. "Co-op is a great example of our business model of serving customers seeking cost savings through energy efficiency while providing a green solution for their businesses. We also believe there are other products in our green technology portfolio that could help Co-op City achieve greater efficiencies in the future."
"We have found a company that will provide us with a high-quality green solution for our infrastructure upgrade while saving us significant energy costs," Herbert Freedman, on behalf of Co-op City, states. "In addition, we will not have to concern ourselves with lighting maintenance for the next ten years."