WOODBRIDGE, N.J.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ:LIME) has been awarded a contract by Public Service Electric & Gas (PSE&G) to implement a portion of their Direct Install Program for Government, Non-Profit and Small Business Facilities. The initiative is scheduled to run for the next two years and Lime Energy will be one of four implementation contractors providing energy efficiency upgrades to PSE&G customers throughout New Jersey.
The Direct Install Program will provide energy-efficient lighting, refrigeration and HVAC upgrades to eligible government and non-profit facilities, as well as small businesses located within Urban Enterprise Zones (UEZs) in PSE&G’s service territory. PSE&G will cover 100 percent of the upfront costs and participating customers will repay 30 percent of the total, interest free, over 36 months on their PSE&G bill. PSE&G’s inclusion of UEZ-small businesses in the program will also help Lime Energy fulfill their recent commitment to the White House to help 1,000 businesses in low-to-moderate income communities become more energy-efficient.
This is the second partnership in the last five years between the two companies. “Lime Energy is excited to continue its partnership with PSE&G and with the opening of our new corporate headquarters in Newark, we look forward to helping additional businesses and facilities right in our own backyard,” said Adam Procell, Lime Energy’s President and CEO. “Lime Energy has already provided clean energy solutions to over 2,000 New Jersey businesses and this utility program will help reach the smallest, hardest-to-reach businesses through PSE&G customer engagement, community outreach and on-bill repayment.”
About Lime Energy Co.
Lime Energy is building a new energy future. As a leading national provider of energy efficiency for small business customers, Lime designs and implements direct install programs for our utility clients which consistently exceed program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have - energy efficiency.
Public Service Electric and Gas Company (PSE&G) is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2014 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference.