Ameresco’s Memphis LED Streetlighting Project Receives Recognition from U.S. Department of Energy’s 2024 Integrated Lighting Campaign

Rhea-AI Summary

Ameresco's LED Streetlighting Project in Memphis has been honored by the U.S. Department of Energy's 2024 Integrated Lighting Campaign in the 'Sustainability in Lighting' category. The $47 million project converted over 77,000 streetlights to advanced LED fixtures, integrating networked lighting controls. Key benefits include:

- Annual energy savings of 37 million kWh
- Reduction in greenhouse gas emissions by 26,000 metric tons
- Estimated 55% reduction in energy costs
- Enhanced public safety and smart city capabilities

The project aligns with Memphis's sustainability goals and is expected to improve quality of life while generating significant financial savings for the city.

Positive

• Recognition from U.S. Department of Energy enhances Ameresco's reputation in the cleantech sector
• Project expected to generate annual energy savings of over 37 million kWh
• Estimated 55% reduction in energy costs for the City of Memphis
• Reduction of greenhouse gas emissions by over 26,000 metric tons annually
• Integration of smart city capabilities, including public internet access and traffic data collection

Negative

• None.

Insights

Financial Analyst

The Memphis LED Streetlighting Project's recognition by the DOE is a positive development for Ameresco (NYSE: AMRC). While the $47 million project cost isn't directly tied to immediate revenue, it enhances Ameresco's reputation in the cleantech sector. The project's success, highlighted by 55% energy cost reduction and 37 million kWh annual savings, strengthens Ameresco's position for future contracts. This aligns with the growing trend of cities investing in smart, sustainable infrastructure. Long-term investor impact could be positive, as it demonstrates Ameresco's capability to deliver large-scale, cost-effective sustainability solutions, potentially leading to increased market share and revenue growth in the expanding cleantech market.

Environmental Sustainability Expert

This project exemplifies a significant stride in urban sustainability. The reduction of over 26,000 metric tons of GHG emissions annually is substantial, equivalent to taking about 5,600 cars off the road for a year. The 55% reduction in energy costs not only benefits the city financially but also serves as a model for other municipalities. The integration of smart city features like air quality monitoring and traffic data collection adds layers of environmental benefits beyond energy savings. This project's recognition by the DOE could accelerate the adoption of similar initiatives nationwide, potentially creating a ripple effect in the cleantech sector and boosting demand for companies like Ameresco.

Urban Planning Specialist

The Memphis LED Streetlighting Project is a game-changer for urban infrastructure. Beyond the impressive energy savings, the project's impact on public safety and quality of life is noteworthy. Improved lighting can lead to reduced crime rates and increased community well-being, addressing critical urban challenges. The smart city integration aspects, including public internet access and video surveillance, position Memphis at the forefront of modern urban management. This project demonstrates how infrastructure upgrades can simultaneously address multiple urban issues, from sustainability to public safety and digital access. For investors, it signals Ameresco's capacity to deliver comprehensive urban solutions, potentially opening doors to more complex and lucrative urban renewal projects in the future.

Honored in the "Sustainability in Lighting" category for its significant contributions to energy efficiency, public safety, and environmental sustainability

FRAMINGHAM, Mass. & MEMPHIS, Tenn.--(BUSINESS WIRE)-- Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that its LED Streetlighting, Controls, and Networking Project with the City of Memphis has been recognized by the U.S. Department of Energy (DOE) as part of the 2024 Integrated Lighting Campaign (ILC). The project, which involved the conversion of over 77,000 streetlights to advanced LED fixtures, has been honored in the "Sustainability in Lighting" category for its significant contributions to energy efficiency, public safety, and environmental sustainability.

The Memphis Streetlighting Project, completed at a cost of $47 million, represents a major milestone in the city's ongoing efforts to modernize its infrastructure and enhance the quality of life for its residents. By replacing outdated lighting systems with state-of-the-art LED fixtures and integrating networked lighting controls, the project is expected to yield annual energy savings of more than 37 million kWh and reduce greenhouse gas (GHG) emissions by over 26,000 metric tons. Additionally, the project will result in an estimated 55% reduction in energy costs, translating to substantial financial savings for the city.

Key Highlights of the Project:

• Energy Efficiency – The new LED streetlights consume significantly less energy than traditional fixtures, contributing to Memphis's broader sustainability goals. The project’s estimated energy savings will be equivalent to the annual electricity consumption of approximately 3,000 homes.
• Smart City Integration – The networked lighting controls are compatible with Memphis’s city systems, enabling advanced capabilities such as public internet access, traffic data collection, air quality monitoring, and video surveillance. This integration enhances the city’s ability to manage resources efficiently and respond to community needs in real-time.
• Environmental Impact – The project is a key component of Memphis’s strategy to reduce its carbon footprint and promote sustainability. The anticipated reduction in GHG emissions aligns with national and global efforts to combat climate change.
• Public Safety and Quality of Life – The upgraded streetlighting not only improves visibility and safety for pedestrians and drivers but also supports the city's commitment to creating a more livable urban environment. Enhanced lighting quality is expected to help reduce crime rates and foster a greater sense of community well-being.

“It’s an honor to receive this recognition from the U.S. Department of Energy,” said Doug McGowen, president and CEO of Memphis Light, Gas and Water. “We selected Ameresco for this project due to their exceptional track record, and they surpassed all our expectations. This project resulted in a significant 7MW reduction in electric demand, a consistent reduction in electric consumption by over 55%, and greatly improved lighting in our streets and neighborhoods. The savings from reduced electric consumption allowed us to complete this conversion without increasing streetlight fees for our customers. It was truly a self-sustaining project that advanced our environmental goals and improved the quality of life in our community.”

Lou Maltezos, EVP of Ameresco, commented: “The recognition of Memphis’s LED Streetlighting Project by the U.S. Department of Energy is a shining example of how innovative technologies can drive meaningful environmental and economic benefits for communities across the nation and beyond. Ameresco is proud of our support for the DOE and its Better Buildings Initiative.”

The DOE’s Integrated Lighting Campaign, now in its fourth year, is part of the Better Buildings Initiative and is designed to showcase the potential of integrated lighting systems to achieve deeper energy savings and create enhanced user and occupant experiences. The 2024 campaign recognized 16 organizations for their exemplary commitment to energy efficiency and environmental responsibility in their buildings and outdoor spaces.

For more information on Ameresco's sustainability initiatives, visit www.ameresco.com.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240911019621/en/

Media:

Ameresco: Leila Dillon, 508-661-2264, news@ameresco.com

Source: Ameresco, Inc.

FAQ

What recognition did Ameresco (AMRC) receive for its Memphis LED Streetlighting Project?

Ameresco's Memphis LED Streetlighting Project was recognized by the U.S. Department of Energy's 2024 Integrated Lighting Campaign in the 'Sustainability in Lighting' category for its contributions to energy efficiency, public safety, and environmental sustainability.

How many streetlights were converted to LED in Ameresco's (AMRC) Memphis project?

Ameresco's project in Memphis involved the conversion of over 77,000 streetlights to advanced LED fixtures with integrated networked lighting controls.

What are the expected annual energy savings from Ameresco's (AMRC) Memphis LED Streetlighting Project?

The Memphis LED Streetlighting Project is expected to yield annual energy savings of more than 37 million kWh, equivalent to the annual electricity consumption of approximately 3,000 homes.

How much is the Memphis LED Streetlighting Project by Ameresco (AMRC) expected to reduce greenhouse gas emissions?

The project is expected to reduce greenhouse gas emissions by over 26,000 metric tons annually, contributing significantly to Memphis's environmental sustainability goals.