August 28, 2024 - WTNH News 8 shared an article about a recent press conference Connecticut Governor Ned Lamont at UConn Health to spotlight the state’s commitment to energy efficiency and innovative partnerships.
In response to concerns over high energy prices, the Governor emphasized the importance of technological advancements that boost efficiency and alleviate strain on the grid—a central element of his strategy to lower costs. Budderfly’s innovative technology and business model play a vital role in supporting the state’s efforts to reduce carbon footprints and deliver energy cost savings.
"The firm installs energy efficient upgrades to buildings that lower costs in the long term. The company said it recoups its investment by collecting a share of the cost savings.
“Over a 10 to 15-year period, if you do the math, there’s enough money to be able to save to be able to give savings to you the customer, for us to have enough savings to pay for everything over that period of time, and for us to make money,” said Al Subbloie, the founder and CEO of Budderfly.
Subbloie said the company is able to deliver those savings in part thanks to advanced software it has developed that efficiently manages energy usage. With a billion dollars in financing and a growing customer base, Subbloie also said Budderfly is able to unlock economies of scale that make it more affordable to purchase the energy efficient equipment that it installs in businesses.
Budderfly is set to demonstrate its technologies on a building at the UConn Health campus in Farmington. Subbloie noted the building’s aging heating, ventilation and air conditioning (HVAC) system, as well as other equipment that he said were less efficient than the latest technologies."
"For Lamont, a former businessman who promotes an entrepreneurial attitude toward government, the solutions presented by firms like Budderfly are a win-win. 'What Budderfly is doing is reducing demand and when you reduce demand not only is that a kilowatt hour that is not polluting, it’s also less peak demand – it brings down price for everybody,' Lamont said."
Read the full article or watch the news segment here.