East Providence Pact Could Save $250K In Energy Costs

East Providence RI

19 June, 2020

12:47 PM

Description

EAST PROVIDENCE, RI —An energy agreement that the East Providence Mayor's Office said could save the city up to $250,000 has been approved by the East Providence Council. The Mayor's Office said the agreement with Green Development LCC will allow for a net-metering savings program that will allow the city to use renewable energy facilities to achieve net-metering credits that could add up to between $215,000 and $250,000. The Mayor's Office said the agreement enables the city to test the waters with net-metering savings. Virtual net metering allows eligible customers to offset energy costs and realize savings by receiving net metering credits from the energy generated by renewable energy facilities, such as solar farms and wind turbines regardless of whether the renewable energy facility is located in another municipality. In addition to municipalities, eligible virtual net metering customers include, quasi-state agencies, educational institutions, non-profits and hospitals. The short-term agreement was ratified by the City Council on Tuesday.