New joint venture makes geothermal energy more accessible
Jan. 27, 2006 - Waterloo North Hydro and NextEnergy today announced the launch of Lifetime Energy, a joint venture and unique program designed to make geothermal energy solutions accessible to anyone in the Waterloo North Hydro service area. Geothermal has long been recognized as a renewable and clean alternative to conventional energy sources. Unlike fossil fuels which are piped in from a distant source, geothermal efficiently taps into latent energy stored underground on the home or business site. Waterloo North Hydro and NextEnergy started their discussions over a year ago after realizing a common interest in energy conservation and the inherent benefits of increased use of geothermal energy solutions.
"Waterloo North Hydro, like all local electricity distribution utilities in Ontario, is committed to a conservation culture," said Rene Gatien, president and CEO of Waterloo North Hydro. "As an environmentally friendly energy source, geothermal is an excellent alternative for heating, cooling and hot water needs and, with Lifetime Energy, we can make it affordable for all our customers." Lifetime Energy offers local customers the ability to buy geothermal systems with a convenient monthly bill.
For customers on oil and propane, a significant savings in energy use and fuel cost will be realized immediately - as much as 70% off their current payments. NextEnergy, Lifetime Energy partner and a world-renowned pioneer in geothermal energy, sees the new venture with Waterloo North Hydro as a perfect example of two companies combining efforts to reach mutual objectives. "It is truly a winning strategy for everyone involved, said Randal Palach, president of NextEnergy. "Together with Waterloo North Hydro we can reach more households frustrated by high energy costs and offer those customers not just lower energy bills but a proven, cleaner, and more cost-effective solution. "Ultimately, the biggest winners are the consumer and the environment."