CHARLOTTE, N.C., June 2, 2011 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) has been approved as a partner for the innovative Pay for Performance (P4P) programs in New Jersey and New Hampshire. These programs offer funding of up to $50,000 per building for comprehensive energy reduction plans that investigate the opportunities for energy efficiency. Whenever the preliminary analysis uncovers opportunities to reduce energy consumption by 15% or greater, the programs will make additional incentives available to implement the projects. The additional incentives are limited to $500,000 per customer in New Hampshire, with no per customer limits in New Jersey. Lime is authorized to conduct both the engineering analysis and project implementation, giving its clients the opportunity to work with one firm to streamline the procurement process and achieve greater energy cost savings. Lime Energy has already completed significant P4P projects with New Jersey health care provider, AtlantiCare.
In February of this year, Lime Energy completed work under the New Jersey P4P program at three properties for AtlantiCare located in Galloway Township and Atlantic City. These efficiency projects included new boilers, new air conditioning, improved lighting, weatherization, and upgraded controls. Taken together, AtlantiCare is projected to reduce utility bills by 15% and is slated to receive a total of $1.6 million in incentives under P4P. Going forward, these upgrades are projected to save $1.25 million per year in energy costs.
"Our work with AtlantiCare included the initial energy analysis that we carried out per the strict guidelines of TRC, the P4P program administrator," said Al DiGuilio, P.E., Vice President of Lime Energy in Woodbridge, NJ. "Soon after P4P was announced, Lime revisited older energy studies that AtlantiCare had been considering. The combination of higher incentives plus funding for the detailed engineering analysis improved the economics of these projects and allowed them to move forward. We were able to present a comprehensive package of 15 energy savings projects across three buildings that could be done quickly and funded from P4P incentives and savings in 1.7 years with an overall return on investment of 60%."
"The new P4P program in New Hampshire is a great opportunity for real estate directors and asset managers to take a high-level view of their operations," said Joe Walsh, Regional Director for Lime Energy in Boston. "Our recommendation is that clients look at their total energy expense and with our help, narrow down their opportunities to the one or two locations with the highest energy intensity. This leads us straight to the best opportunities to save the most energy cost. With this new source of utility funding to study the buildings, along with higher rebates than ever before to carry out the work, we will be able to perform significant cost-saving projects for our clients," concluded Mr. Walsh.
Lime was approved as a P4P partner following a rigorous review conducted by TRC. "The review process consisted of a 35 page application along with a thorough check of our previous work and current clients," said Jim Smith, President of the Public Sector division of Lime Energy. "The program is looking for established firms that have the ability to offer a comprehensive review that includes energy use for lighting, air conditioning, building envelope such as windows and insulation, and building controls. We are pleased to have been chosen as a qualified partner for both of these programs in New Jersey and New Hampshire. We encourage other states to follow these examples and provide funding for energy assessments and implementations under a streamlined offering."
In order to support businesses interested in benefitting from energy incentives, Lime recently launched www.limep4p.com. Visitors to the site can easily determine if P4P is right for them by submitting information to receive a customized P4P Playbook. The Playbook describes high impact energy reduction measures within the customer's specific industry, simplifies the details of each program, defines the business value of energy savings by vertical, and outlines the overall P4P process.
"The P4P Playbook is a valuable and free service that we offer. It is a great way to perform due diligence on the programs themselves and justify the investment of time and resources to get started," says Smith.
About Lime Energy Co.
Lime Energy is a leading provider of energy efficiency solutions. Our services include integrated energy engineering, consulting and implementation of solutions which enable our customers to reduce their facilities' energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. We focus on solutions which include lighting, mechanical and electrical upgrade services, water conservation, weatherization and renewable project development and implementation. We provide these solutions to the commercial and industrial markets, utilities, energy service companies (ESCOs) and the government sector across a wide range of facilities including high-rise office buildings, manufacturing plants, retail sites, mixed use complexes and large government sites. 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.
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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 the future to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those risks referenced in Lime Energy's current Annual Report on Form 10-K and Quarterly Report on Form 10-Q or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated herein by reference.