Revolution Lighting (RVLT) Units Named as Program Contractors for Eversource's SBEA
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Revolution Lighting Technologies (Nasdaq: RVLT) announced that its divisions, TNT Energy and Tri-State LED, have been named as program contractors within Eversource's Small Business Energy Advantage Program (SBEA). As part of the Energize Connecticut initiative, the program is designed to help small businesses with a peak energy demand of less than 200kW per month save money, identifying and offering cost-effective energy efficiency turnkey solutions.
As program contractors, TNT Energy and Tri-State LED will collectively cover the entire state of Connecticut, supporting the state's 331,000 small businesses with high efficiency LED lighting retrofit opportunities. Tri-State LED will support the south western Connecticut region, consisting of ten municipalities including Darien, Greenwich, New Canaan, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport, and Wilton; TNT Energy's region will cover all other municipalities within Connecticut.
SBEA Program contractors help small businesses reduce energy costs by identifying and implementing cost-effective energy efficiency opportunities, promote education to encourage replacement of existing equipment with high efficiency options and procure financial incentives. The program will address technologies including lighting, controls, HVAC and motor upgrades, refrigeration controls, and other measures to reduce both electric and gas consumption. Access to on-bill, zero-percent financing through Eversource will be available, providing additional avenues for project funding for eligible small business program customers.
Project incentives will play a critical role that could cover up to 50% of qualified project costs to achieve a payback as low as one year, and significantly improve an energy efficiency project's return on investment. Incentives for the SBEA Program are funded through the "Energize CT" program. In 2016, over $190 million was budgeted for Energize CT's energy efficiency programs.
"We are pleased to be selected as an SBEA approved contractor, along with Tri-State LED, to continue working with Connecticut's small businesses, improving their energy efficiency to save money," said Tim Blanchard, Founder, TNT Energy. "TNT Energy has extensive experience as a long time contractor for Eversource's Small Business Program within Massachusetts, and we look forward to continuing our success within Connecticut, participating in this latest energy efficiency program."
"We are excited to be awarded this new agreement with Eversource's Small Business Energy Advantage Program, continuing to expand our participation in key state energy efficiency retrofit programs to drive future growth and incremental revenue," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting.
The United States consists of approximately 28 million small businesses, according to the U.S. Small Business Administration. LED lighting is approximately 60% more efficient and lasts three times longer than fluorescent lighting, in addition to generating superior light output. On average, small businesses and building owners spend 22% of their annual energy costs on lighting, providing a key opportunity for LED lighting to reduce long term operating and utility costs.
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