ESCO is a firm that provides solutions for achieving energy cost reductions, and whose overall compensation can be linked (in part or in full) to the performance of the implemented solutions. In that context, an ESCO can handle projects, mobilize financial resources (not necessary its own equity), offer turn-key services (either on its own or through collaborating with other market players) and assume performance risks.
What is an ESCO?
An Energy Saving Company (ESCO) is a commercial or non-profit business providing a broad range of energy solutions including designs and implementation of energy savings projects, retrofitting, energy conservation, energy infrastructure outsourcing, power generation and energy supply, and risk management.
What is an ESCO model?
An energy savings performance contract (ESPC) is a model where an Energy Saving Company (ESCO) achieves energy savings at a property or portfolio of properties as a service. This model guarantees savings for a set period of time in exchange for payment from the energy cost savings.
How does an ESCO work?
As part of the service, the ESCO also provides billing and customer support to the customer. ESCOs buy electricity on the open market and sell it to utility companies. They will buy electricity from a plant in one area, purchase transport rights, and then move it across the grid, a process called wheeling.
SERVICES OFFERED BY AN ESCO
· Identify and evaluate energy saving opportunities.
· Arrange for financing.
· Train your staff and provide ongoing maintenance services.
· Develop engineering designs and specifications.
· Manage the project from design to installation to monitoring.
· Guarantee that savings will cover all project costs.
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