MINNEAPOLIS, Jan. 29 /PRNewswire-FirstCall/ -- Honeywell (NYSE:HON) today announced that Poway Unified School District in San Diego, Calif. has awarded the company a solar project that is expected to save the district more than $1 million in energy costs over the next 20 years. Under the agreement, Honeywell will install solar arrays at four of the district's schools and sell the electricity the panels produce to the district.
"This structure allows the district to incorporate green, renewable energy sources with no capital investment," said Doug Mann, executive director of facilities for Poway Unified School District. "The combination of minimizing our environmental impact while reducing energy costs makes the project a win for the district, as well as the San Diego community."
Honeywell will install the solar arrays on the roofs at Poway High School, Westview High School, Oak Valley Middle School and Chaparral Elementary School. The arrays are expected to generate a collective 578 kilowatts of power and more than 1 million kilowatt-hours of electricity annually -- enough energy to power 90 homes per year. They also will cut energy costs during peak consumption when utilities typically charge a premium.
In addition to reducing costs, the solar arrays are expected to provide an educational tool that faculty can use to teach students about energy conservation and alternative energy sources. Through a Web-based portal, teachers and students will be able to see the real-time electrical output from the solar technology and learn how the systems operate.
The new arrays will deliver substantial environmental benefits as well, cutting carbon dioxide emissions by approximately 1.1 million pounds per year. According to figures from the U.S. Environmental Protection Agency, this is equivalent to removing more than 100 cars from the road or planting 400 acres of trees.
"The environmental benefits of renewable energy are well known," said Kent Anson, vice president of Global Energy for Honeywell Building Solutions. "But it can also have a positive financial and educational impact. Working with the school district, we identified the green technology and financing structure that would deliver the greatest benefit to the schools and surrounding areas."
The power purchase agreement builds on Honeywell's previous work with Poway Unified School District, which includes the installation of cogeneration systems at two high schools. These systems allow the district to generate electricity for its facilities while recycling the waste heat produced to heat its swimming pools. As a result, the district minimizes the use of natural gas and creates ongoing energy savings by avoiding pool heating costs.
Honeywell expects to install the solar arrays and begin providing the schools with electricity by October 2008. After the 20-year agreement expires, the district can continue purchasing electricity from the company or acquire ownership of the arrays.
Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London and Chicago Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. For additional information, please visit http://www.honeywell.com. Honeywell Building Solutions is part of the Honeywell Automation and Control Solutions business group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Building Solutions, access http://www.honeywell.com/buildingsolutions.
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