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Riverside moves forward with HB 264 contract

Riverside Pirates

Elementary principal extended contract

Energy efficiency updates at the Riverside Local School District building will soon be taking shape following board of education approval at their Tuesday evening meeting of a House Bill 264 project with  Waibel Energy Systems.

The Vandalia-based company submitted a proposal to update lighting retrofits, provide HVAC improvements, add building modification and control enhancements, and implement a kitchen exhaust and walk-in controls at a cost not to exceed $399,900. The price includes $45,000 in energy repairs that the district can utilize on an as-needed basis once the initial work is completed.

Projected energy savings are estimated at $40,129 per year, which includes $28,469 in electric and heating cost savings, and $4,315 in operations and maintenance savings. With an annual project payment of $32,408, the guaranteed annual positive cash flow from the initiative is $7,721.

House Bill 264 allows Ohio schools to borrow funds to implement energy savings projects without having to pass a bond or levy. Energy savings then are utilized to pay for the project loan.

“This is a way for us to get a lot of work taken care of without draining our general fund,” Superintendent Scott Mann said. “After a lot of planning, we’re excited to move forward with this.”

“I’m a supporter of these projects. I’ve seen the financial savings after auditing many of the projects over the years,” said Treasurer Jennifer Blackford, who previously worked in the state auditor’s office.

“It’s a good time to take advantage of this project with low interest rates available.”

 

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