Seeking to become the greenest city in the country, Cambridge today will launch a sweeping $70 million energy efficiency program to conserve energy in virtually every building within city boundaries, reducing emissions that contribute to global warming.
Sounds good, right? Deval Patrick says ditto in an email I just received from him.
Governor Deval Patrick today announced a $2 million state revolving loan fund to cover the start-up costs of large-scale energy efficiency programs modeled on the Cambridge Energy Alliance, an innovative public-private partnership also unveiled today. The state fund, called MassEfficiency, will allow the City of Boston and four other Massachusetts cities to replicate the Cambridge effort, which promises $100 million in efficiency measures to be paid for largely out of the savings they generate.At first, I was like "2 million dollar?" What the heck good would that do? However, the reason why Cambridge was able to do what they did was because they funded their efforts mainly through private funds. Deval's going to try to mimic the very same. Here's a little more about how the process works.
Approximately 80% of the financing will come from private sources. The remaining 20% will come from a number of electrical utility incentive programs that were established in part to promote energy efficiency. As a result, energy savings and clean energy installations will, in most cases, be paid for by the project financing and repaid from future energy savings of companies, municipal facilities, universities, hospitals, small businesses, and residents.Replicating Cambridge's efforts in a cities like Boston, according to the Patrick Administration, would save $100 million dollars over five years, not to mention help stop Global Warming. It's important that Deval Patrick stay committed to his promise to help make Massachusetts a leader in renewable energy and conservation - it's good to see that, with Cambridge's help, he's making good on that pledge.