Investing in Our Schools Through Energy Savings

Evesham Township School District is moving forward with an Energy Savings Improvement Program (ESIP) to improve building systems, reduce energy use, and support the long-term care of our facilities.

The plan includes 21 energy-saving improvements across 10 district buildings, including the Administration building. It is designed to use savings and related revenues to cover project repayment, with no increase in the tax rate anticipated under the current projections.

What is ESIP?

ESIP allows the District to finance energy-saving building improvements and repay that financing over time using the savings and related revenues identified in its energy savings plan.

For Evesham, the plan includes reduced energy use, operational savings, and solar-related revenues. These projected resources are expected to cover repayment. Actual savings and financing costs may vary.

What improvements are planned?

• LED lighting and lighting controls

• Energy management system upgrades

• Boiler replacement and combined heat and power equipment

• Water system improvements and replacements

• Pipe and valve insulation

• Improvements to reduce energy loss through building exteriors

Together, these upgrades are intended to modernize building systems, reduce wasted energy, and lower greenhouse gas emissions.

How much will the project cost?

The estimated project cost is approximately $11 million, including design and engineering. This estimate accounts for a $908,721 Direct Installation rebate.

The proposed financing schedule models $11.205 million in borrowing, including financing costs. The District is seeking approval to issue up to $12.5 million in bonds. That amount is a borrowing ceiling, not the estimated project cost or the amount modeled in the proposed schedule. 

How was the plan reviewed?

The plan was developed following an energy audit through New Jersey's Clean Energy Program. JDC Energy Services prepared the energy savings plan, and independent engineers at Johnson & Urban reviewed and confirmed its savings calculations.

The Board approved the energy savings plan on August 20, 2026. 

Proposed repayment schedule

The proposed schedule shows payments beginning in 2027-28 and continuing through 2047-48. It uses a 4.00% net interest cost assumption. Principal is the amount borrowed; interest is the cost of borrowing.

This schedule is proposed and subject to fluctuations in the interest rate market. Final payment amounts will depend on market interest rates and financing terms at the time the bonds are sold.