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AEP OHIO LAUNCHES REVERSE AUCTION TO HELP BUSINESSES CONSERVE ENERGY

by on December 16, 2013

$2.2 million awarded to successful bidders

AEP Ohio recently held its first online, eBay-like reverse auction to competitively award financial incentives to pre-qualified solution providers and nonresidential customers with large energy efficiency projects designed to save at least three million kWh per site with a minimum project life of ten years.

Part of AEP Ohio’s new Bid to Win Program, the reverse auction helps industrial and commercial customers realize measurable energy savings leading to reduced energy costs and increased market competitiveness.

$2.2 million dollars was allocated to four successful bidders who committed to energy efficiency projects expected to save a combined 45,224,757 kWhs annually. The auction consisted of two tiers, $750,000 and $350,000. Each tier identified two winners, with the majority of projects expected to be complete by the end of 2014.

Participants competed to see who could get the most energy savings out of each of the four grants. Prequalified customers and solution providers bid on the incentives on a $/kWh saved basis for expected energy efficiency projects, driving the price of energy efficiency down to an average of $0.0486 cents per kWh saved.

Designed to award funds to meet customers’ capital planning timelines, the Bid to Win Program’s competitive nature allows AEP Ohio to increase the cost effectiveness of energy-efficiency projects and spread the dollars further.

More than $7 million in incentives will be available through the Bid to Win Program to solution providers and industrial and commercial customers. Pre-qualified bidders may win up to $1 million in financial incentives to complete major energy efficiency facility upgrades and improvements.

The next Bid to Win is scheduled for January 21, 2014. For more information visit www.aepohio.com/bidtowin or contact the program office 1.855.295.9086 | bidtowin@cbi.com.

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