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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