Trane Technologies Uses IRS 179D to Benefit Tri-County
Representatives of Trane Technologies (NYSE:TT), a global climate innovator in heating, ventilation and air conditioning (HVAC) and transport refrigeration, presented a check in the sum of $27,327.74 to Superintendent, Karen Maguire for the benefit of Tri-County Regional Vocational Technical High School at their Franklin, MA facility.
Through a proven and innovative procurement and contracting process known as Performance Contracting, Trane designed and installed a comprehensive range of facility improvements at Tri-County that will provide a safe, comfortable, and efficient learning environment while substantially reducing energy consumption.
The $7M project, financed by an independent third party, and completed in 2020, included a roof replacement, new HVAC equipment and controls, and a comprehensive lighting systems upgrade. As part of the Performance Contracting process, Trane will guarantee that Tri-County will realize a reduction in energy consumption equaling $178,000/year over the 20-year term. Trane will also provide ongoing maintenance services to ensure optimal operation of project improvements for the long term.
“As a local resident and taxpayer, I am pleased to help facilitate a mechanism whereby Tri-County is able demonstrate fiscal and environmental stewardship while optimizing the learning environment for students.” said Leo McNeil of Trane.
“As a civic minded organization, Trane is pleased to share a portion of the 179D tax benefit with our customers” said Morgan Perras, of Trane.
Internal Revenue Code Sec. 179D is a popular tax incentive that provides building owners and eligible designers/builders the opportunity to claim a tax deduction for installing qualifying energy efficient systems in buildings. Accordingly, Trane Technologies can file for this incentive for projects implemented at tax-exempt entities, such as Tri County Vocational Technical High School.
“Trane is pleased to present this share of the 179d tax benefit for this project to Tri-County”, said Chris Marshall, of Trane. The check is presented as a gift to Tri-County for their use in fulfilling their mission to provide an excellent comprehensive technical and academic education to regional high school students.