Funded Projects
Corrine Weddings
Glastonbury, CT
March 15th, 2010 - New Generation Energy (NGE) has provided a low-interest loan to Corrine Weddings of Glastonbury, CT. This loan supports the installation of a geothermal ground source heat system at Corrine Weddings' headquarters, marking an expansion of NGE's Community Lending Program to the state of Connecticut.
Community Lending Program in action
NGE's loan of $22,646 to Corrine Weddings has an effective interest rate of 5.0%. The loan will be used to install two Hydro-Heat MegaTek Heat pumps and associated equipment. Installation will be performed by King Energy Associates, located in Lebanon, CT. This system is part of Corrine Weddings overall green renovation of their new headquarters, a structure that was built circa 1865. Over its lifetime, the geothermal system will offset CO2 emissions by 147,045 lbs, while reducing space and water heating expenses by 40-60% - resulting in estimated yearly savings of $8,292.
Corrine Crocker-Luby, Owner of Corrine Weddings comments, "Going green makes business sense. The benefits are amazing: not only will we be saving money in the long run, but by using geothermal to heat and cool our building, we can still maintain the beauty of our vintage-styled property; while increasing its energy efficiency."
Spotlight on Geothermal
Geothermal heat pumps are a central air option great for reducing the carbon footprint of heating and cooling your home. The system pumps air to and from the ground and uses the earth in the winter as a heat source and in the summertime as a heat sink. The moderate temperatures found in the ground boost efficiency and reduce the need for energy-intensive process of heating or cooling air. Such systems have higher upfront costs than regular central air but return the difference through energy savings in three to five years, saving the homeowner considerably in the long run.
Boston Green Building
Allston, MA
July 10, 2009--New Generation Energy (NGE) provides funding for a 3.8 KW rooftop solar PV (photo voltaic) array at the headquarters of Boston Green Building, Inc, located in Allston, MA. This project is the first commercial solar installation in the Boston neighborhood of Allston, MA, and only the third solar installation in this community overall.
The funds to support this project came from NGE's Renewable Energy Investment Note (REIN) program. NGE provided a loan for $21,000, to be paid back over 4 years, at a 3.0% interest rate. REIN funds provided the $21,000, while donated funds were used to lower the interest rate from 5.0% to 3.0%. About 20% of the value of the loan was placed in reserve, thereby guaranteeing the loaned REIN funds.
NGE's funding was used to install twenty Evergreen solar panels and associated hardware on the roof of BGB's facility on Lincoln Street in Allston, MA. The 3.8kW system offsets approximately 62 metric tons of CO2 over the life of the system, and provides 90% of the company's on-site energy use. In addition, the panels are visible from the Mass. Turnpike, raising the awareness and visibility of renewable energy in the Allston area.
Spotlight on Boston Green Building
Boston Green Building (BGB) is a premier green building contractor in the metro Boston area, specializing in sustainable contracting, green design and historic preservation. By installing a solar PV system, BGB is making a strong statement about its commitment to green practices and sustainability. By accessing the affordable funds provided by NGE, the project reduces BGB’s energy costs and improves BGB’s business by attracting new customers.
Spotlight on Allston, MA
Being located in Allston is a benefit to BGB because of its central location and excellent access to area throughways. This working class neighborhood of Boston is not necessarily on the top of people's list of 'green communities.' Ironically, this factor made NGE's decision to fund BGB and its project easier, rather than harder.