Energy Savings Performance Contract
Energy Savings Performance Contracts (ESPCs) are contracts under which a contractor designs, constructs, and obtains the necessary financing for an energy savings project, and the federal agency makes payments over time to the contractor from the savings in the agency's utility bills. The contractor guarantees the energy improvements will generate savings, and after the contract ends, all continuing cost savings accrue to the federal agency.
Read more about this topic: United States Department Of Energy
Famous quotes containing the words energy, performance and/or contract:
“The principle of avoiding the unnecessary expenditure of energy has enabled the species to survive in a world full of stimuli; but it prevents the survival of the aristocracy.”
—Rebecca West (1892–1983)
“Nobody can misunderstand a boy like his own mother.... Mothers at present can bring children into the world, but this performance is apt to mark the end of their capacities. They can’t even attend to the elementary animal requirements of their offspring. It is quite surprising how many children survive in spite of their mothers.”
—Norman Douglas (1868–1952)
“A contract for better for worse is a contract that should not be tolerated.”
—George Bernard Shaw (1856–1950)