A budding young Bermudian entrepreneur is hoping to fund his Olympic dream by selling energy saving devices for the home and businesses.

Alex Jones, who owns Power Savers, is training hard in a bid to represent Bermuda at windsurfing in the London 2012 Olympic Games.

And Mr. Jones, who competed in Ironman Hawaii three years ago, set up the company in October 2009 after selling his construction firm Holder Home primarily to help finance the purchase of equipment such as a board and sails to realise his ambition.

He is selling a number of innovative products, including the Geyser Heat Pump water heater a unit that fits onto an existing water heater and effectively replaces the electric heating element with a heat pump system that pulls heat out of the air, making it three to four times more efficient than electric hot water.

The other is the Blue Line Innovations PowerCost Monitor a hand-held monitor that enables householders to work out how much power they are using in terms of kilowatt hours and dollars in order to help them make savings on their electricity bill and do their bit for the environment. The monitor uses a sensor that is installed on a house's Belco meter and a wireless base station that can be placed within 30 feet or so to give readouts of the power.

The Geyser Heat Pump water heater works by pulling heat from the air and puts it into an water heater instead of convert electricity into heat like a standard water heater.

"It is comparable to solar, but at a fraction of the price," said Mr. Jones, who tested the product over three months and found out that even placed in a small closet during the winter, it can save $130 per month on the electricity bill.

"It is the most efficient unit on the residential market by a long way and it is ideal for use in<\p>Bermuda because of its application in hot and humid environments."

The device is also an ideal application for Bermuda as it becomes more efficient in higher heat and humidity and the electricity saving made depends on how many people use a water heater and its size.

The unit, which is produced by Nyle Corporation in Maine in partnership with North Road Technologies LLC, costs $69 per month through financing from< Butterfield Bank on a three-year plan and comes with a five-year limited warranty as well as a 60-day risk-free guarantee which can be refunded, with a life expectancy of 10 to 20 years.

The same day basic installations in residential settings, such as in a basement or garage, can be done for small fee, while complicated or ducted installations in gyms, hotels, guesthouses and restaurants, for example cost slightly more and require an air conditioning tech, said Mr. Jones.

"As a company, we are going to be focused on things that are really going to save you money and energy efficient technology that has been tested and proven to work," said Mr. Jones, who had been looking at the product for some time and has had prior experience of energy efficient device installations through his former construction business.

"I will be looking at other ways to expand the business into different power saving devices, such as solar and wind technology.

Mr. Jones, who juggles his business with training for the Olympics, added: "I<\p>have a passion for helping the Island to save money and the environment, and technology, as well as my passion for sport."

And with almost 3,000 units have already sold in the US since the launch in June 2009 the signs are encouraging that there is a market out there, but it remains to be seen how they take off in Bermuda.

Mr. Jones took over the distributorship of PowerCost Monitors from Island Solutions (Bermuda) Ltd. The products cost $199 per unit and $100 for installation and have enabled users to cut their energy bills and consumption by about 20 percent.

Anyone interested in getting hold of a Geyser Heat Pump water heater or a PowerCost Monitor or for more information can contact Alex Jones at 333-2753, email info@powersavers.bm or visit the website at www.powersavers.bm