Irvine campus takes full advantage of zero percent project financing.
The Southern California Gas Company, one of UC’s utility partners, announced today that the Irvine campus qualified for the maximum $1,000,000 zero percent interest loan for an energy efficiency project that will reduce campus natural gas usage by more than 440,000 therms per year. The Gas Company acknowledged that this is the largest loan by an institutional customer under this program. The campus, as are all others, was recently delegated the authority to secure external financing under the utility-sponsored program by UC’s Chief Financial Officer Peter Taylor who had immeditely recognized the benefits of no cost financing. Aside from the energy cost savings of $360,000 per year, a zero percent interest reduces the debt service by more than $400,000 over the term of the loan. Credit for developing the project and submitting the application goes to Bill Cowdell, UCI project manager and to Jason Lewis, Program Advisor for the Gas Company who facilitated the financing arrangement.
Congratulations to UC Irvine for another first!