MassDevelopment will provide $2 million in financing for Mass College Green, a pilot program aimed at accelerating the adoption of energy efficiency measures by Massachusetts independent colleges.

Leveraging a financing model developed by GreenerU Inc., MassDevelopment’s investment will support energy efficiency upgrades at Association of Independent Colleges and Universities in Massachusetts (AICUM) member facilities throughout the state.

"This pilot program will demonstrate how innovative financing efforts focused on energy efficiency can provide immediate and long-term benefits to colleges and universities throughout the commonwealth," MassDevelopment President and CEO Marty Jones said in a statement. "The savings generated from these initial projects will kickstart deeper energy efficiency investment and allow the campuses to achieve even greater reductions in utility costs."

The Mass College Green program has no upfront costs for participating colleges.  During the five-year contract term, schools pay for delivered energy efficiency but not for equipment or installation. GreenerU, the implementation partner, oversees a preliminary feasibility assessment as well as data gathering, budgeting and sustainability goal setting and concludes with an operational project that will deliver energy efficiency and sustainability benefits to each participating campus during and after the contract term.