NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NJR) will be installing a 14.1MW ground-mounted solar PV system at McGraw-Hill’s East Windsor, New Jersey campus, which will produce 18 million kWh of energy per year. Set to be built on a 50-acre parcel next to McGraw-Hill’s two office buildings, the system will be built in two phases. Half of the system’s capacity is expected to become operational by December, with the remaining half running by March 2012.
“Our plan to use solar power underscores our commitment to green, sustainable business practices,” said Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies. “We are excited by the environmental benefits of using solar energy while helping us control costs, and we're thrilled to once again have a fantastic partner in the East Windsor community, which has served as a focal point of our operations for nearly five decades.”
NJRCEV plans to invest US$60 million in order to develop and install the solar system, which will be installed by Advanced Solar Products. According to NJR, investments made by NJRCEV are expected to qualify for a 30% federal investment tax credit. The solar PV system is anticipated to supply Solar Renewable Energy Certificates, which can be sold to load serving entities in New Jersey.