(Host) The University of Vermont is committing $13 million to establish a revolving fund to finance on-campus energy efficiency projects.
The school is joining the Sustainable Endowment Institute’s Billion Dollar Green Challenge.
The idea is that the funds will replenish themselves with savings from reduced spending on energy.
Richard Cate is UVM Vice President for Finance and Administration. He says the Institute’s challenge is an ideal fit with UVM’s goals.
(Cate) "Higher education has a reputation for ever-increasing costs, and we do try to reduce them, and this is an opportunity that’s out there."
(Host) Cate says the $13 million amounts to roughly ten percent of the university savings account, which is money that’s traditionally set aside for investment.
(Cate) "The return we get, the five percent return we’ll be getting from these projects, is constantly paying it back, so we’re able to do something like this where we wouldn’t be able to just go and spend it for something that didn’t have a return."
(Host) UVM officials say the first project could get under way this fall.