ELK GROVE VILLAGE, Ill., March 30, 2009 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) today announced it recently completed an energy efficiency retrofit project for the showroom and warehouse of Greenbaum Home Furnishings in Bellevue, WA. Lime Energy designed and installed energy efficient ceramic metal halide lighting because of its improved light quality, energy efficiency, and exceptional long life when compared with other options for display lighting in a retail space. "The quality of light in our showroom is tremendous," said Steve Greenbaum, the company President. "We're now furniture-focused instead of just filling the room with light."
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Because of the improved energy efficiency when compared with conventional lighting, the retrofit project received $150,896 in energy efficiency grant funding from Puget Sound Energy to help offset the project capital requirements. In addition to the initial grant funding, the project is anticipated to save over $46,000 annually from reduced energy and maintenance costs, and this installation has a projected 34% return on investment in the first year after installation. In addition to the hard dollar savings and the permanent reduction of 462,000 kilowatt-hours in electricity use savings, this project provides additional annual environmental benefits annually by eliminating:
-- 832,000 pounds of Carbon Dioxide
* the leading cause of Global Warming
-- 10,000 pounds of Sulfur Dioxide
* the leading cause of Acid Rain
-- 3,500 pounds of Oxides of Nitrogen (NOx)
* the leading cause of Smog and Acid Precipitation
-- which is equal to 72 passenger cars removed from the road this
year.
"We immediately noticed the savings in our warehouse electricity bill," said Steve Greenbaum. "I thought there was an error at first because we've dropped our bill by 60% instead of the 40% we estimated. In the showroom, the difference is fantastic. We have fewer fixtures now, but the overall effect is brighter and shows off the furniture in our store in a much better way."
Discussing the effect on his business, Greenbaum added: "Obviously the environment is in front of everyone's mind right now. The energy savings here represent the equivalent of taking 72 cars off the road, and we get a positive response when we mention that to our customers. It is great to see our clients support our decision to 'go green'," concluded Greenbaum.
"Advanced technology like the ceramic metal halide we installed here is really changing the face of retail lighting," said Dan Parke, President of Lime Energy. "The exceptionally long life and ground-breaking efficiency are ideal for businesses that want to improve their product display and save operating costs at the same time."
About Greenbaum Home Furnishings
Greenbaum Home Furnishings was founded in 1959 by Ken Greenbaum to create a retail environment for the customer where they would feel at home. Customer satisfaction has been our guarantee since we opened our doors 50 years ago. We strive to bring to the market great products at a fair price with an emphasis on customer service including design assistance. We believe that the display of product in our store stands out in the marketplace and is warm and inviting to our guests.
About Lime Energy Co.
Lime Energy is a leading provider of energy efficiency and renewable energy design/build solutions. The Company performs energy efficiency engineering and consulting as well as the development and implementation of energy efficient lighting, HVAC, water, weatherization, and renewable energy solutions. Lime Energy's clients include commercial and industrial businesses, building owners, property management companies as well as federal, state and local government agencies through energy service company (ESCO) partners. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at the company's website at www.lime-energy.com or by calling 847-437-1666.
The Lime Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5171
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities in 2008 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are referenced in Lime Energy's current Annual Report on form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; and such factors as incorporated by reference.
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