June 15, 2011
McGraw-Hill to Build Record-Breaking Solar System in NJ
The McGraw-Hill Companies and NJR Clean Energy Ventures, a subsidiary of New Jersey Resources, plan to build the nation’s largest privately-owned, net-metered solar project on the publisher’s East Windsor, N.J. campus.
The energy produced by the 14.1 megawatt solar system is expected to reduce the equivalent of about 10 percent of McGraw-Hill’s annual global carbon emissions and significantly lower the company’s long-term electricity costs.
The solar array is expected to produce 18 million kWh annually. The system is expected to be completed in two phases, with 50 percent of the capacity expected operational in December 2011, and the remaining 50 percent in March 2012.
NJR Clean Energy Ventures will invest the $60 million needed to develop and install the ground mount solar array on a 50-acre parcel on McGraw-Hill’s property adjacent to the corporation’s two office buildings. The system will be installed by Advanced Solar Products with assistance from MVM Advisors LLC. Advanced Solar Products’ ballasted racking system will be used.
NJR expects that investments made by NJRCEV will qualify for a 30 percent federal investment tax credit. In addition, the energy produced will be eligible for solar renewable energy certificates, which can be sold to utilities in New Jersey to meet their renewable energy requirements.
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Reader Comments
Hmmm. $60 million, 50 acres consumed… 10% of carbon emissions saved.
Meanwhile, over here:
http://www.nucleartigers.org
we have a proposal to save not 10%, but 90% of Princeton University’s electric usage and the resulting carbon emissions. Roughly comparable cost.
America needs to get over its fear of nuclear power:
http://www.scribd.com/doc/54904454
DiogenesNJ | June 15th, 2011
Reduction of McGraw-Hill’s carbon emissions by 10% – this is very nice news. Hope other corporations follow the green example.
Jordan | June 16th, 2011
I couldn’t agree more about the nuclear power, Diogenes, but thanks to the ongoing disaster in Japan, it’ll be a long time before anybody builds another nuclear plant here. Meanwhile, we’ll be chasing solar pipedreams instead of building plants that can produce huge amounts of power 24 hours a day — not just when the sun’s out.
Will | June 16th, 2011
Not so fast–if they are selling the RECs to utilities in NJ to meet their renewable portfolio requirements, then McGraw-Hill can’t claim to be using renewable energy from this source–that would be double counting.
Nadav Malin | June 16th, 2011
What’s amazing is that McGraw Hill doesn’t just ‘buy’ the system outright. The ‘per DC KW’ price is sure to be in the $ 3.50 range which after the treasury grant and bonus depreciation at a 20 % tax rate, would likely ‘payback’ in about 2 1/2 to 3 years and then remains a financial bonanza for another dozen years or so. How many investments can a book company make with those returns? If I was a stockholder in McGraw I’d want to know why such a great, yet uncomplex, investment was handed over to a gas utility.
Rich Barbarics | June 20th, 2011
Nadav and Rich,
The way solar works is all of the energy your system generates, whether your consume it or not counts towards generating SRECs. So yes, McGraw-Hill will be using renewable energy and also ablt to sell their SRECs to help meet the RPS. This system is privately owned, and is not being handed over to a gas utility (gas utilities would have nothing to do with ELCTRICITY).
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