Media: Sustainable: EnerChange helps nonprofits gain energy efficiency (Finance & Commerce)
Oct 3, 2018
This story has ties to both CEE's Lending Center and the One-Stop Efficiency Shop. Thanks to CEE and others, the Abu Huraira Islamic Center is now saving about $100K per year.
NEWS: CEE helps Islamic Center save energy and over $100,000 annually
One-Stop Efficiency Shop
From Finance & Commerce:
By replacing aging equipment, changing operations and replacing old lighting, the Abu Huraira Islamic Center in St. Anthony will reduce energy costs by 60 percent, saving more than $100,000 annually on utility bills.
The project is a testament to the growing importance of energy efficiency in reducing greenhouse gases and improving the bottom lines of nonprofit organizations with tight budgets. Abu Huraira received plenty of utility rebates and loans that allowed it to afford a project that will reduce annual energy expenses from $173,000 to about $66,000, according to Center for Energy and Environment, which helped finance the work...
...After an audit, EnerChange suggested a multi-year effort, beginning with a $34,000 upgrade to LED lighting paid in part by rebates. Next up was a $108,000 HVAC improvement project requiring a $100,000 loan from the Center for Energy and Environment’s Lending Center. That portion of the efficiency initiative led to additional rebates from CenterPoint and Xcel rebates. Other upgrades included installing a building energy management system that allowed for better control of heating and cooling.
Key to the process was financing by the energy center. Jim Hasnik, director of lending programs, pointed out that because Islam prohibits interest payments on loans, the financing charges on loans were paid through origination fees. The loan to Abu Huraira earned another $25,000 in rebates from CenterPoint and Xcel, exceeding “all expectations,” he added.
“The financial difficulty was an issue for us but getting this help so quickly and getting subsidized loans was a moment of joy,” said Fatah Abdi, property manager who oversees the mosque and more than 20 tenants. The mosque’s decision to move forward with energy efficiency exhibited to its members and to tenants a financially responsible approach to saving money by conserving energy, he added.
Read the full article at Finance & Commerce