Honeywell and Cathedral City, Calif. announced the completion of a solar canopy that is helping the city lower operating costs, improve air quality and protect against rising energy costs. The canopy generates power and supports the city's drive toward using clean, renewable energy.
New Solar Canopy Is Part of a Conservation Program that Provides Clean Power and Energy Savings for Cathedral City
CATHEDRAL CITY, Calif., March 22, 2006 - Honeywell (NYSE: HON) and Cathedral City today announced the completion of a solar canopy that is helping the city lower operating costs, improve air quality and protect against rising energy costs.
Built using more than 1,600 photovoltaic solar panels, the canopy generates power while providing 170 covered parking spaces on the top floor of the Civic Center parking garage in Cathedral City. The canopy supports the city's drive toward using clean, renewable energy and will reduce carbon dioxide emissions by an estimated 514 tons each year — the equivalent of removing more than 103 automobiles from the road.
"Solar energy allows us to leverage the most abundant natural resource in Southern California and safeguards us against energy rate increases" said Paul Marchand, Cathedral City council member. "As a result, we're able to do more with the investment of our taxpayers, and make the city a better place to live and work."
The solar canopy is part of a $2.7 million energy savings performance contract between Cathedral City and Honeywell that is expected to reduce the city's annual operating costs by 33 percent. In addition, the use of solar energy made the city eligible for the $1 million renewable energy rebate from the State of California. Administered through Southern California Edison, the rebate reduced the net cost of the project. And the energy savings that result from the citywide upgrades and improvements will pay for the $1.7 million balance over the term of the ten-year contract. The city's financial risk is limited because Honeywell guarantees the results.
Along with installing the canopy, Honeywell made energy-efficient upgrades to lighting and building controls in the Civic Center, fire stations and public works buildings.
"Officials at Cathedral City should be commended," said Joe Puishys, president of Honeywell Building Solutions. "They're proactively addressing energy costs with the help of green, environmentally friendly technology. As prices continue to rise, more local, state and federal entities will follow their lead."
Honeywell International is a $28 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, Chicago and Pacific 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 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 www.honeywell.com/buildingsolutions.
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This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
Aaron Parker Paul Shillcock / Lynn Mallotto
Honeywell Building Solutions City of Cathedral City
952-656-1721 760-770-0386 / 760-770-0346