Under this contract, Green Energy Management will replace and retrofit over 6,000 lighting fixtures and elements in eight parking structures within Co-op City with power-saving, long-life inducing LED lighting.
The project is expected to help Co-op City save approximately $350,000 in annual electricity savings, and approximately $2,500,000 in maintenance cost savings over ten years.
As compensation for the project, and upon the completion of certain contractual milestones, GEM will receive $800,000 in the form of a grant from the American Recovery and Reinvestment Act in addition to getting approximately $1,800,000.00 over the ten-year balance of the contract.
GEM chairman and CEO Michael Samuel said that the company is very excited about beginning work with Co-op City and its operating team on the city’s infrastructure upgrade to the city save significantly in energy costs.
” 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,” Samuel said.
