Purchase of Renewable Energy Certificates Will Prevent 794 Metric Tons of CO2e Greenhouse Gas Emissions
Greenbelt, MD — April 25, 2012— The Bozzuto Group, a Washington, D.C. area based real estate services organization, today announced that it has committed to matching 100 percent of the electricity used at its corporate headquarters with renewable energy from U.S. wind projects.
This commitment to green power will be achieved through the purchase of Green-e Energy® Certified Renewable Energy Certificates (RECs) from 3Degrees, a renewable energy certificate and carbon offset provider to wholesale and retail customers. The RECs ensure that for every megawatt hour of electricity used at Bozzuto's headquarters, a wind power project will deliver one megawatt hour of renewable energy to the power grid.
"While we have implemented energy efficiency and conservation efforts throughout our company headquarters, we still need electricity to operate," said Rick Mostyn, Chief Operating Officer, The Bozzuto Group. "By matching all of our energy use at our corporate headquarters with 100% wind-powered RECs, we will mitigate the environmental impact of our electricity use while stimulating the low-carbon renewable energy economy."
Using calculations and the national emissions rate from the EPA Greenhouse Gas Equivalencies Calculator, The Bozzuto Group's purchase of 1,151 megawatt hours of U.S. Wind Renewable Energy Certificates (REC) from 3Degrees will help avoid an estimated 794 metric tons of carbon dioxide equivalent (CO2e) greenhouse gas emissions.
"Greenhouse gases that cause climate change are released when fossil fuels are burnt to produce energy," said Steve McDougal, VP Marketing and Business Development, 3Degrees. "By matching its electricity use with RECs, The Bozzuto Group is reducing its impact on climate change by supporting the development of clean, renewable energy."
The EPA estimates that this amount of CO2e emissions is equivalent to the CO2 emissions released from consuming or burning more than 1,800 barrels of oil, the annual CO2 emissions produced from the use of electricity at more than 95 average homes, or the carbon sequestered annually by more than seven acres of forest preserved from deforestation. For more details on these calculations and clean energy in general, visit http://www.epa.gov/cleanenergy.
Revenue from the sale of RECs provides important economic support to renewable energy projects. By financially rewarding these projects for the environmental benefits associated with the renewable energy they produce, RECs help these projects compete economically with fossil fuel electricity generation, encouraging the development of similar projects.
About The Bozzuto Group
Headquartered in the Washington, D.C. area, The Bozzuto Group is a diversified residential real estate company consisting of six integrated companies – Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management – that together provide a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions.
Throughout The Bozzuto Group's more than 24-year history, the company has developed, acquired and built more than 35,000 homes and apartments, and the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB as the nation's premier apartment development company, and twice as management company of the year. For more information, please visit www.bozzuto.com/.
3Degrees' mission is to mitigate the effects of climate change by accelerating the low-carbon, renewable energy economy. 3Degrees realizes this mission by helping its utility, business, LEED green building, and other partners utilize environmental commodities to build stakeholder value. Through these partnerships, 3Degrees increases demand for Renewable Energy Certificates (RECs) and carbon offsets, channels capital to renewable energy and carbon reduction projects, and improves the efficiency of environmental markets.
Winner of the U.S. Department of Energy's Green Power Leadership Award for five straight years, 3Degrees is headquartered in San Francisco, California, with regional operating centers located in Portland, Oregon; Salt Lake City, Utah; St. Louis, Missouri; Seattle, Washington; Richmond, Virginia; and New England. To learn more, visit www.3degreesinc.com.