|
The citizens of Fort Wayne have the ability to establish a public program to reduce utility bills and create jobs without having to increase taxes at all. Here’s how...
Fort Wayne’s Community Trust Fund
The community trust fund was established in 1974 by the Fort Wayne City Council in an agreement that leased the City’s municipal electric utility (City Light & Power) to Indiana Michigan Power (I&M), a subsidiary of American Electric Power (AEP).
The lease provided for a payment by I&M of $270,000 per year, which has accumulated to about $40 million for the citizens of Fort Wayne to use as they wish. The fund becomes available for public use in 2009 when the I&M lease must be renegotiated.
Use of the Community Trust Dollars
Efficiency Fort Wayne: The Citizens Action Coalition suggests that the citizens and public officials of Fort Wayne seriously consider using the funds from the community trust to implement a sustained energy efficiency program in the Fort Wayne area.
Rationale for the Program:
- The City of Ft. Wayne adopted in 2007 a policy that “[t]he efficient and wise use of electricity is in the interest of all concerned.”
- The City of Ft. Wayne has implemented a program that reduced energy consumption from traffic lighting by 60% using highly efficient LEDs (Light Emitting Diodes).
- The community trust fund was derived from an energy-related agreement.
- Energy efficiency saves money for homeowners, businesses and government (taxpayers).
- Energy efficiency creates jobs.
- Energy efficiency reduces electric and natural gas usage (demand), thus improving environmental quality.
- Energy efficiency improves reliability of the electric grid.
- Such a program would be truly unique to Indiana.
- Such a program would generate positive recognition for Fort Wayne.
- An energy efficiency program would benefit all residents.
- A sustained energy efficiency program is in keeping with Mayor’s goals of:
- Avoiding using the fund for “quick-fix ideas”
- “Making Fort Wayne a place full of good jobs”
- Providing “opportunity for every citizen”
Energy Efficiency: The Silent Partner in Economic Growth
What is Energy Efficiency?
The aim of energy efficiency is to use less electricity or natural gas while maintaining or enhancing quality of life and a high standard of living. Energy efficiency is using less natural gas or electricity while keeping your home at a comfortable temperature in the winter. Energy efficiency is using less energy-intensive lighting while still keeping the lights on at home. Energy efficiency is using less electricity or natural gas to manufacture a product.
Achieving a More Energy Efficient Economy
Technological advances have brought us more efficient lighting, appliances, electric motors for industry, and more efficient buildings. For instance, compact fluorescent bulbs (CFLs) use one quarter of the energy that traditional incandescent bulbs use. LEDs are even more efficient, using one third of the energy that CFLs use. Highly efficient washing machines (EnergyStar) use one third of the water and less electricity than traditional machines do. Highly efficient geothermal heat pumps can be used to heat and cool homes, schools, or commercial businesses.
Many states are creating statewide programs funded by ratepayers that save millions of dollars per year. Energy efficiency has been and can continue to be the foundation of economic growth nationally and in Indiana.
- Energy efficiency is the least expensive energy resource at our disposal, less than 1/2 the cost of a new coal gasification plant.
- A 2005 study demonstrated that Indiana could save as much as $500 million in the fifth year of a comprehensive energy efficiency program that comprised both electric and natural gas efficiency measures.
- Another study demonstrated that Indiana could generate 9,000 net jobs in 10 years and over 15,000 net jobs in 20 years by implementing a comprehensive energy efficiency program.
The Potential Impact of the Community Trust Dollars
If the citizens of Fort Wayne were to decide to invest the $40 million and use 6% of the value of the fund while maintaining the fund’s principal over time, the City could dedicate approximately $2.4 million per year to an energy efficiency program. Fort Wayne would save enough electricity and natural gas per year to power almost 2,000 homes.
Take Action!
Please contact your city council person and the Mayor. Urge them to use the Community Trust Fund to implement a sustained energy efficiency program to reduce utility costs for homes and businesses and to stimulate job creation in Fort Wayne.
|
