November 17, 2011
MCCo has established a fund to help our members implement projects to reduce their demand on energy. Initially seeded in the amount of $3 million, this fund will perfectly complement MCCo’s Energy Audit and Utility Assessment project that was approved by the Executive Committee on September 29, 2011. Understanding that the success of an energy audit depends on the implementation of the recommended efficiency projects, MCCo is eager to provide such an implementation tool to support its Members in their energy efficiency endeavors.
MCCo will award energy efficiency grants to Members to fund projects that will produce energy savings. The realized savings will be shared with MCCo to replenish the fund in order to implement additional energy efficiency projects. MCCo expects this simple mechanism will have a number of benefits:
Making these funds available addresses a major roadblock in hospital and campus greening: high initial costs make many sustainability measures difficult for institutions to implement, despite the fact that these projects often have long-term cost savings. By reducing an institution’s energy consumption, the fund can also help protect the institution from energy cost spikes which can place considerable financial pressure on hospitals and universities. Perhaps the most compelling are the forces encouraging hospital greening – operational savings and a healthy patient care environment – but action is often delayed because of the initial cost of projects. MCCo’s Energy Efficiency Fund capitalizes on the long-term profitability of sustainability projects by covering initial costs while sharing in the return they produce to fund future initiatives, making such projects much more feasible.
Universities and teaching hospitals are traditionally the cradle of social change, educating around 14.5 million students annually in the U.S. Today, institution greening is rapidly gaining momentum, as hospitals, universities and museums embrace green building, innovative recycling, local food initiatives and other environmentally conscious practices. MCCo’s Energy Efficiency Fund can be an engine for the sustainability movement locally, financing the energy efficiency projects of Member institutions while simultaneously raising awareness, generating funding for larger projects, and giving Member Institutions an effective, reliable funding source for projects with both short and long payback periods.
The Medical Center Company
2250 Circle Drive
Cleveland, Ohio 44106
© The Medical Center Company