District Will Use New Solar Installation to Show Students How Renewable Energy Is Generated
LONG ISLAND, N.Y., May 4, 2006 - Honeywell (NYSE: HON) and Malverne Union Free School District today announced a $2.4 million performance contract for an energy-savings and modernization project. The project, which includes infrastructure improvements and a solar energy system, will help the Nassau County district fund critical building upgrades and improve the learning environment for its 1,600 students — without raising operating budgets.
"Heating oil costs are double what they were last year and maintenance costs on the rise, so we needed to find a way to make energy-efficient upgrades without using capital dollars," said Joseph Donoghue, supervisor of facilities and support staff for the Malverne School District. "Our performance contract with Honeywell gives us a no-cost solution for addressing our aging facilities and implementing improvements that will also enhance learning."
Under the contract, Honeywell will help the district cut energy consumption and expenses by replacing outdated boilers with more efficient, dual-fuel models; upgrading lighting across all four of the district's schools; installing a building management system to better monitor and control heating, ventilation and air-conditioning (HVAC) equipment; and weather-sealing buildings to prevent air leakage around windows and reduce heating losses throughout the year. Technicians also will replace the roof at the elementary school.
In addition, Honeywell will install a 10-kilowatt solar generation system — made up of more than 30 photovoltaic panels — at the district's middle school as part of the project. The solar installation will produce clean energy and offset electricity that the school would otherwise need to purchase from the local utility. By reducing the school's dependence on fossil fuel-generated electricity, the solar panels will help save money and spare the environment from harmful emissions that contribute to smog, acid rain and global warming. Over the next 25 years, for example, the solar-generated energy will reduce carbon dioxide emissions by almost 460,000 pounds, which has the same environmental impact as planting more than 60 acres of trees.
Besides generating electricity for the school, the solar panels provide an opportunity to impact learning in the classroom.
"We targeted facility upgrades to increase efficiency and operational savings, as well as student comfort, but we also see this project as an opportunity to educate," Donoghue said. "We plan to use the solar installation as a teaching tool to show our students first hand how solar energy is created and to reinforce the importance of alternative energy sources."
The Long Island Power Authority will provide a $45,000 renewable energy rebate to help pay for the system, and the school will also receive state support. This funding, coupled with the $135,000 in annual energy and operational savings the upgrades will create over the next 15 years, will fund the project. The district's financial risk is limited because Honeywell guarantees the savings. As a result, the community gets better schools without a tax increase.
The project is currently underway and Honeywell expects to complete the work by August 2006.
"Many school districts are facing tighter budgets, higher energy costs and aging infrastructures," said Joe Puishys, president of Honeywell Building Solutions. "Honeywell is committed to helping them find ways to make necessary improvements — despite budget constraints — to create a more comfortable, effective learning environment."
Honeywell International is a $30 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.
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