2004

FOR RELEASE: Immediately February 19, 2004
CONTACT: Peter Sigurdson NYSERDA (716) 842-1522 ext. 3006

Genesee County Businesses Use New York Energy $martSM Loan Fund To Reduce Cost of Energy-Efficiency Measures
Commercial, Agri-business benefit from interest buy-down program

Three Genesee County businesses took advantage of low-interest financing through the New York Energy $mart^SM Loan Fund offered by the New York State Energy Research and Development Authority (NYSERDA) to help reduce the interest paid on loans taken out for energy-efficiency measures.

The businesses, Summit Lubricants, Inc., CY Farms LLC, and Austin Barrett Enterprises, Inc. (Ken Barrett Chevrolet) together saved more than $122,533 in interest charges by using the loan interest buy-down program.

"It is very encouraging to see such a wide spectrum of businesses utilizing the New York Energy $mart^SM Loan Fund to help reduce the cost of energy-efficient upgrades and new construction projects," said NYSERDA President Peter R. Smith. "The Loan Fund reduces the cost of borrowed money, thereby helping to make energy efficiency measures more affordable to businesses and homeowners alike."

The Loan Fund reduces the interest paid on the loan by 4 percent. Loans can be made up to $1 million for terms of up to 10 years on pre-qualified and custom energy-efficiency measures approved by NYSERDA. Loans are secured through participating local banks. For a list of participating lenders, please visit www.nyserda.org and look for the Loan Fund under "Hot Topics" on the main page or call 1-866-697-3732 for more information.

Summit Lubricants, Inc. participated in the Loan Fund program through M & T Bank for the purchase and installation of new equipment to improve the efficiency of its manufacturing heating and cooling systems. By utilizing the loan fund, the lubricant manufacturer saved more than $58,995 in interest charges. The new energy-efficient systems will save Summit Lubricant more than $59,611 annually in reduced energy costs.

"We are in a very energy-intensive industry. The New York Energy $mart^SM program enabled us to make the improvements necessary to maintain our competitiveness with lubricant manufacturers in other parts of the country. The NYSERDA staff was very helpful and M&T's experience with the Loan Fund made the application process effortless," said Ronald Krol, President, Summit Lubricants, Inc.

CY Farms LLC utilized the New York Energy $martSM Loan Fund to borrow $182,533 from the Bank of Castile to finance equipment purchases and renovation work that transformed an existing building into a refrigerated cabbage storage facility. By taking advantage of the Loan Fund, CY Farms reduced the interest rate it is paying
to .25 percent over five years, saving the agri-business more than $19,309 in interest charges.

"The New York Energy $mart^SM Loan Fund really made the difference in our decision to go ahead with this project at this time. Energy costs are a large component of operating expenses for a vegetable farm. We are grateful for the opportunity to participate in this program that helped to modernize our facility," said Craig Yunker, President, CY Farms.

Ken Barrett Chevrolet also realized significant savings after installing a number of pre-qualified energy-efficient measures, including three HVAC units, high-efficiency windows, T-8 lighting, duct sealing and better roof insulation, and LED exit signs. Additionally, the auto dealership installed an innovative custom waste motor oil-fired radiant heat slab in its showroom and garage.

"By using the New York Energy $mart^SM Loan Fund, we were able to obtain a variable rate loan with a 4 percent interest rate buy-down through the Bank of Castile, which is saving us more than $44,229. NYSERDA provided excellent technical assistance throughout the process and worked closely with us to obtain the loan buy-down with our lender," said Ken Barrett of Ken Barrett Chevrolet-Oldsmobile-Cadillac.

All New York Energy $mart^SM programs are funded by a System Benefits Charge (SBC) paid by electric distribution customers of participating utilities. NYSERDA, a public benefit corporation established by law in 1975, administers SBC funds and programs under an agreement with the Public Service Commission. The programs are available to all electric distribution customers (residential, commercial, institutional, and industrial) of Central Hudson, Con Edison, NYSEG, Niagara Mohawk, Orange and Rockland, and Rochester Gas and Electric.

Additional information about these programs can be obtained at www.nyserda.org or 1-866-NYSERDA.

###