Patrick: Use Energy Savings To Pay For Bonds
The state could undertake 32 public construction projects to improve energy efficiency in the next two years under a new financing plan Gov. Deval Patrick announced this week.
The Commonwealth Clean Energy Investment Program will use general obligation bonds outside of the state's bond cap for construction projects targeted specifically for energy efficiency improvements. There are currently 32 such projects in the state's Division of Capital Asset Management's pipeline that could create $22 million in annual energy savings. Savings produced through the energy efficiency improvements would pay for the bonds.
The state's office of Administration & Finance will review each project to determine that energy savings generated will cover the cost of repaying for the bonds.
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