July 05, 2011 - Governor Steve Beshear today congratulated the Kentucky Department of Veterans Affairs on its use of a Green Bank Kentucky loan to make substantial utility improvements at three state veterans nursing homes while saving Kentucky taxpayers $2.2 million.
“I am pleased that Green Bank’s second-largest loan to date goes to improve service for veterans in our state veterans’ nursing homes,” Beshear said. “This project represents yet another success for the Green Bank. In tight budget times, it allows agencies to make needed improvements that save money immediately without having to pay large sums upfront, reduces use of electricity and water, and saves taxpayers money in both the short and long runs.”
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The improvements include new energy-saving lighting fixtures and bulbs, low-flow faucets and toilets, new water-treatment systems, computerized lighting and temperature controls for public areas, new ozone laundry system that gets laundry cleaner while using less hot water and installing new heat pumps at Thomson-Hood Veterans Center (THVC) in Wilmore.
The loan is structured in such a way that the savings from lowered utility costs cover the loan repayments. Beginning in October, KDVA will make quarterly payments of about $44,000 for 15 years to completely repay the loan at 2.25 percent interest.
“Even though we knew the improvements would save us more than $150,000 per year on utility bills, we could not afford the large up-front cost," said Ken Lucas, commissioner of the Kentucky Department of Veterans Affairs. "The Green Bank is a huge benefit for Kentucky’s veterans and every Kentuckian.”
In November, the Green Bank of Kentucky program was nationally recognized for its innovative use of American Recovery and Reinvestment Act of 2009 (ARRA) funding to finance energy-efficient improvements in state buildings, where the savings are guaranteed and used to repay the loan. State & Local Energy Report magazine ranked Green Bank of Kentucky third in a list of the “Top 10 Most Exciting ARRA Funded State Energy Projects.” {read more}
Wednesday, July 6, 2011
KY VA: Saving KY Taxpayers $2.2 mil + in Energy Costs
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