Progressive Lighting & Energy Solutions (PLES), a Tustin, California-based lighting company, has created a program called Progresshare, in response to the new Federal Legislation and the EPA’s mandate for emission reductions.
Under this program, PLES said that it will install an energy efficient system with no upfront costs or payment by the company.
The client enters into a Progresshare agreement, which assigns all of the utility rebates and incentives to PLES. The company will conduct a full energy audit, then implement the installation of new energy efficient measures in the facility plus provide a scheduled maintenance program on the installed energy measures.
The client shares a small portion of the savings created by the project each month for a determined period of time once the project is completed. During that period PLES will provide full maintenance and a monthly utility bill monitoring system to insure proper billing and estimated savings. After that determined period is completed – the entire savings is owned by the company.
Progresshare does not require a credit check, financial statements or personal guarantees. All that is required to participate is a signed Progresshare agreement which falls under the accounting category of service and maintenance as an expense line item. Because this is not financing it will not be considered debt on the balance sheet and there are no interest charges either.
Progressive Lighting claims that the program is designed to help companies meet the challenge of reduced energy consumption and CO2 production. This program will provide companies a flexible way to meet the requirements of the new Energy Bill ‘Cap & Trade’ proposed by Obama administration and Congress and the EPA’s mandatory CO2 without any capital expenditures.