VANCOUVER, British Columbia, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Legend Power Systems Inc. (TSXV:LPS), a global leader in voltage reduction and optimization technology, today announced that Con Edison, New York City’s Power Utility, significantly increased its financial incentives for energy saving technologies, including Legend’s proprietary Harmonizer system. Customers who apply for incentives will be eligible for additional cash contributions.
“Utility incentives help building owners access energy-saving technology by covering a portion of the cost,” said John Skipper, former Manager of Commercial Energy Efficiency Sales at Con Edison and now the New Business Consultant to Legend Power via his company Pure Energy LLC. “The amount of incentive offered for different technologies can often indicate what the utility wants to encourage. Increasing incentives by this magnitude is a strong indicator that Con Edison is committed to energy efficiency technologies including the Harmonizer. In my experience as a 32-year veteran of Con Edison, a utility incentive like this can often-times kick-start significant uptake in a company’s product.”
“Utility incentives are by no means mandatory for sales success, but having a strong incentive plan in place can be a major catalyst for growth,” stated Randy Buchamer, President and CEO of Legend Power. “Utility incentives encourage building owners to try something new. Our solution is undoubtedly proven in Canada with over 200 installations currently saving building owners money on power by reducing their voltage. In the New York area, our technology is new, which means support from the utility in the form of an increase in incentive funding can be a real accelerant to growth.”
Con Edison is one of the largest and most environmentally progressive energy utilities in the United States. The increase in funding relevant to Legend’s offering comes from Con Edison’s Commercial and Industrial Energy Efficiency Program under the Performance-Based Incentives for Other Measures banner. Previously, the incentive program offered eligible energy efficiency upgrades a performance-based Custom incentive of $0.16 per kWh. This typically equates to a cash contribution ranging from $10,000 to $25,000 for a Legend project. Con Edison has added an incentive of $600 per kW saved, significantly increasing the typical funding range for a Legend project from $20,000 to $50,000.
With a team of top-talent sales people hired and trained to sell Legend’s solution, influential product distributors coming online, and a strong utility incentive program in place to offer cash subsidies, Legend is positioned for significant revenue growth in the New York City area.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange.
For further information, please contact:
Randy Buchamer, CEO and President
+ 1 778 945 1501
rbuchamer@legendpower.com
Sean Peasgood, Investor Relations
+ 1 416 565 2805
sean@sophiccapital.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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