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Spotlight – ReCharge NY, Tax Refunds, and NYSERDA Benefit Prominent NYC Medical Center

March 18, 2019

ReCharge NY Spotlight

A major New York City medical center originally engaged 5’s Luthin Associates team to review low-cost power options under the New York Power Authority’s (NYPA) Power for Jobs program (now known as ReCharge New York), which saved this client more than $3 million compared to market rates over the life of the award. Luthin Associates provided management and oversight of the entire process which included issuing rebate checks, on-going bill reviews, and acting as a liaison between NYPA and the client to ensure compliance with program requirements. The successful nature of this engagement prompted the medical center’s financial executives and operations team to expand its relationship with Luthin Associates to find additional ways to lower its energy-related expenses.

At the conclusion of this client’s initial Power for Jobs award, Luthin Associates successfully obtained an additional 5MW allocation of low-cost hydropower from NYPA through its ReCharge NY program. This saved the client an additional $2.8 million over its seven-year term. Also, as part of its bill auditing process, Luthin Associates identified opportunities to receive a rebate on Gross Receipts Tax that resulted in a tax refund of more than $700,000.

Additionally, Luthin Associates obtained a NYSERDA grant approval for an incentive award of $106,095 that was directed towards upgrading and improving the energy efficiency of an existing facility. A second grant in the amount of $125,000 was awarded to upgrade the medical center’s backup generator under the Peak Load Reduction program.

5 is proud to continue working with and supporting this major medical center with all of its energy-related needs. 5’s efforts will enable the medical professionals and staff to maintain their focus on delivering reliable and quality healthcare to the citizens of New York City.

5

Written by 5

Founded in 2011, 5 comprises a team of energy innovators, commodity traders, analysts, engineers, and former energy supplier executives. Together, they serve a broad array of private and public sector clients throughout the United States and Mexico, providing strategic advice on energy-related matters including procurement, demand-side management, rate optimization, regulatory intervention, benchmarking, bill auditing, RFP management, sustainability planning services, renewable power, and distributed generation. With an eye on growth, 5 has initiated a number of strategic partnerships and acquisitions, including the 2019 acquisition of Luthin Associates. 5 has been named to the Inc. 5000 list of fastest-growing companies in the U.S. for five consecutive years. The firm has also received numerous accolades and national awards for its corporate culture, leadership and innovation, including 5 consecutive years as a top 10 Best Company to Work for in Texas according to Texas Monthly Magazine.