Energy co. launches Madison program
A partnership between a Saco energy storage company and the town of Madison's electric company is expected to help residents and business owners save money on heating, according to officials with Thermal Energy Storage of Maine.
The company has partnered with Madison Electric Works to offer its electric thermal storage heating units to Electric Works' customers, allowing them to lock in an electricity price equivalent to $2.20 per gallon of home heating oil, according to a press release. Madison Electric Works is offering an off-peak delivery rate for customers who buy the storage units, valid until December 2013. Franklin-Somerset Federal Credit Union has joined the effort with energy improvement loans for customers who buy the technology, which stores electricity as heat and releases it when needed. The supplemental room heating units can reduce overall home or business oil consumption by 60% or more, according to the release.
Thermal Energy Storage of Maine is negotiating similar partnerships with other communities in the state. Last month, the company announced it raised $250,000 in capital.
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