SANTA FE, N.M. (AP) — Regents at New Mexico State University have signed off on an energy performance contract that aims to save the school millions of dollars over time.
The regents approved the contract with energy services company Ameresco during their meeting Friday in Santa Fe.
Under the contract, energy efficiency upgrades will be made in 46 buildings. NMSU officials say the improvements will pay for themselves thanks to lower utility costs.
The cost of the project is estimated at $15.7 million. That includes the cost of an energy audit done at all NMSU facilities around the state.
At the end of the 13-year contract, the university says it will realize a projected $1.8 million annual savings.
The regents also authorized the university to issue bonds to fund the projects.