Las Vegas-based Power Efficiency Corp., a green energy company focused on efficiency technologies for electric motors, recently that a major California utility has awarded the company a contract to aggregate up to 3.2 million kilowatt hours of electricity in the utility’s service territory. The efficiency aggregation contract, much like other efficiency financing measures, is designed to promote the purchase and installation of efficiency equipment such as Power Efficiency’s motor efficiency controller (MEC) with E-Save Technology.
Under the terms of this specific aggregation contract, the utility pays Power Efficiency — as opposed to the customer — a set rate per kilowatt hour of energy saved in the first year of operation of the MEC. The rate per kWh is competitive with prevailing electricity rates in California. This incentive financing enables Power Efficiency to competitively price the MEC to customers, resulting in improved rates of return and paybacks for customers.