AGENDA TITLE:
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Adopt a Resolution Authorizing Energy Efficiency Financing Program Loan to PAQ, INC. and Further Authorizing Loan Payment Check Issuance to True Power Services, Incorporated ($129,925.36) (EU)
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MEETING DATE:
May 7, 2025
PREPARED BY:
Astrida Trupovnieks, Key Accounts and Customer Programs Specialist
recommendation
RECOMMENDED ACTION:
Adopt a resolution authorizing an Energy Efficiency Financing Program (EEFP) loan to PAQ, INC. and further authorizing the loan payment check issuance to True Power Services, Incorporated in the amount of $129,925.36.
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BACKGROUND INFORMATION:
Originally established in 2011, the EEFP is a business development tool that allows commercial and industrial customers of Lodi Electric Utility (LEU) the opportunity to obtain a zero percent interest loan for the purchase and installation of eligible equipment designed to achieve certifiable energy savings. The loan payment can be for an amount up to $150,000, is payable in 24 equal installments after rebate, and is included on the customer's monthly utility bill.
LEU's energy efficiency advisor and third-party administrator, Efficiency Services Group, LLC has certified the lighting equipment as eligible, reviewed total project cost, and has approved the rebate of $49,192.74 which reduced the total cost of $179,118.10 of the project to the loan amount of $129,925.36. Energy efficiency rebates and EEFP loans are funded through LEU's Public Benefits Program.
Pursuant to the loan application completed and signed by PAQ, INC., the customer has authorized the loan payment check be issued to their contractor, True Power Services, Incorporated.
STRATEGIC VISION:
2A. Economic Development: Develop long-term economic development strategy.
FISCAL IMPACT:
Total loan amount of $129,925.36.
FUNDING AVAILABLE:
Public Benefits Fund Account No. 50465100.72920
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