Selection Tool Helps Organizations Find the Right Technology to Maximize Environmental Impact and Economic Return
PHOENIX, June 18 // - As more organizations look to reduce their environmental impact, the interest in renewable energy technology has reached an all-time high. According to a recent report from the Renewable Energy Policy Network for the 21st Century, renewable energy use is growing much faster than 10 percent per year throughout the world. The generation capacity from solar photovoltaic systems alone was up 56 percent last year compared to 2006.
The challenge, however, comes with choosing the renewable technology that is good for the environment as well as the bottom line. A number of location-specific variables come into play - fuel availability, heating and cooling loads, utility rates, and rebates and tax incentives - making it difficult to identify the green solution that will deliver the greatest return on investment.
Honeywell (NYSE:HON) today announced it has developed a first-of-its-kind selection tool that quickly provides customers with the data to make an informed buying decision. Unveiled at the annual Honeywell Users Group for Buildings conference, the Renewable Energy Scorecard(TM) analyzes the variables for any given location to pinpoint the technology with the most significant environmental and economic drivers.
"Popular technology such as wind or solar power are often the default options for renewable energy, yet in some case they offer little if any economical return," said Devin Castleton, Energy Group consulting analyst at Frost & Sullivan. "The Honeywell Scorecard is a unique tool that can help lead organizations directly to the technologies that offer the strongest economic drivers right away, providing an optimum advantage for organizations who are not only motivated by environmental stewardship but also by economic value."
The tool looks at six proven renewable technologies, including solar, wind, biomass and geothermal. And it provides a simple payback for each. So it not only highlights the renewable resource with the greatest potential, but also provides an accurate financial forecast derived from calculating tax implications, rebates, subsidies and other incentives.
The Renewable Energy Scorecard is the output of a sophisticated energy profiling model built on a database that contains extensive information on each of the factors that influence the viability of the various technologies. This database provides Honeywell and its customers with an accurate vision and analysis of renewable energy at any location in North America.
"The Renewable Energy Scorecard is a data-driven solution to a complex issue," said Kent Anson, vice president of global energy for Honeywell Building Solutions. "It's important that environmental stewardship makes good business sense too. The Scorecard takes the guesswork out of the equation."
The Renewable Energy Scorecard is part of an ongoing effort at Honeywell to help its customers maximize the use of renewable technologies and cut energy costs. Over the past three years, for example, Honeywell has helped a variety of customers - from colleges and hospitals to cities and the federal government - install biomass thermal and solar photovoltaic technology.
These projects are expected to reduce annual carbon emissions by 21 million pounds and nitrous oxide emissions by 187,000 pounds. According to figures from the U.S. Environmental Protection Agency, this is equivalent to removing more than 6,500 cars from the road or planting 8,100 acres of trees. The switch to a renewable energy source also is expected to help these customers trim millions from their utility bills.
Honeywell is a global leader in energy services, working with organizations to conserve energy, optimize building operations and leverage renewable energy sources. It was one of four energy services companies selected at the outset of the Clinton Climate Initiative to help the world's largest cities reduce energy consumption and greenhouse gas emissions. This work has extended to the American College and University Presidents Climate Commitment and other groups.
Since the 1980s, Honeywell has completed more than 5,000 energy-efficiency projects in facilities across the globe. It also has helped 5 million homeowners decrease their energy use through our work with utilities. Combined, this work is expected to deliver more than $5 billion in energy and operational savings.
Through demand- and supply-side improvements, Honeywell helps customers save 15 to 25 percent of their energy bill on average. These projects are often done through performance contracts, which allow organizations to pay for facility improvements and upgrades through the energy savings they generate. The savings are guaranteed by Honeywell so the work does not impact operating budgets. This and other funding mechanisms like power purchase agreements (PPAs) help remove the financial barriers many organizations face when looking to implement green initiatives.
"From project development to financing, we can help customers every step of the way, making the process as quick and easy as possible," Anson said.
Nearly 50 percent of Honeywell's product portfolio company-wide is linked to energy efficiency. The company estimates the global economy could operate on 10 to 25 percent less energy by using today's existing Honeywell technologies.
Honeywell International is a $37 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. For additional information, please visit 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://honeywell.com/buildingsolutions.
CONTACT: Aaron Parker of Honeywell, +1-763-954-4257, email@example.com
Web site: http://www.honeywell.com/