by Lee Hogan
Posted 4/7/2014 11:28 am
Updated 8 months ago
A University of Arkansas project to save money on energy costs has saved 24 percent more than expected between 2012 and 2013.
Razors EDGE, standing for Efficiently Delivering Green Energy, saved the university $3.7 million in energy costs in the two years. The project was a $30 million undertaking designed and installed by Energy Systems Group, an energy services provider and wholly-owned subsidiary of Vectren Corp. (NYSE: VVC). The project aims to reduce energy use of the 73 buildings on the Fayetteville campus.
From 2012-13, facilities management figures show the university saved about $715,000 more than guaranteed, the UA said.
The contract between UA and Engery Systems Group guaranteed a 30 percent reduction in campus energy consumption. Savings over 13 years are expected to cover the cost of the project. UA signed a $21.3 million contract with Energy Systems in December 2008.
To date, the project has slashed the university's carbon footprint by more than 18,800 metric tons of carbon dioxide, which is equivalent to the emissions of about 4,000 vehicles.
"This is an excellent result for the university, both financially and environmentally," Chancellor G. David Gearhart said in the news release. "Energy Systems Group has done a great job helping us reach our goal of being a carbon-neutral campus by the year 2040."