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Honeywell Applauds President Obama's $2-billion Commitment to More Energy Efficient Federal Buildings
Renewed Program Will Drive Energy Savings, Reduce Emissions and Add Jobs
MINNEAPOLIS, May 9, 2014 – Honeywell today announced its support for President Obama’s plans to make $2 billion in efficiency-focused upgrades to federal facilities by 2016. The commitment, which the president unveiled this morning, extends a similar goal set over two years ago, which led to more than a billion in improvements at government buildings and military bases — work financed and implemented with private-sector support.
In a statement from the Business Roundtable, Honeywell Chairman and CEO Dave Cote remarked: “America’s business leaders welcome the president’s increased commitment to improving energy efficiency in federal buildings. Leveraging private-sector expertise and dollars to improve energy use in federal buildings is smart policy. We stand ready to work with the Administration and Congress to implement a national strategy that ensures abundant supplies of reliable, affordable energy for America’s homes and factories.”
The work is made possible through energy savings performance contracts (ESPCs), a model in which private financing pays for projects upfront and the resulting savings, guaranteed by energy services companies like Honeywell, help repay the loan. With this approach, federal agencies can make critical improvements without additional taxpayer dollars.
The new White House
goal will increase the already-impressive results of the past several
years. During that time, the government identified more than 200
potential projects, which could lead to $2.7 billion in ESPCs and
annual energy savings in excess of $100 million. According to the
National Association of Energy Service Companies, every $10 million in
guaranteed upgrades creates or sustains 95 jobs.
A global leader in energy-saving technology and services, Honeywell has completed almost 5,700 guaranteed efficiency projects around the world, including work at more than 150 U.S. government facilities. For example, Honeywell recently launched a $61-million project to update manufacturing equipment at the Rock Island Arsenal Joint Manufacturing and Technology Center (JMTC), which builds hardened, durable components for Army equipment. The work will generate up to $5.3 million in annual savings and cut JMTC’s energy use by approximately 35 percent, among other benefits.
Combined, all Honeywell ESPCs are expected to decrease energy and operational costs by an estimated $6 billion. For more information, follow @HoneywellBuild on Twitter or visit Honeywell Building Solutions on the Web.
Honeywell is a
Fortune 100 diversified technology and manufacturing leader, serving
customers worldwide with aerospace products and services; control
technologies for buildings, homes and industry; turbochargers; and
performance materials. Based in Morris Township, N.J., Honeywell's
shares are traded on the New York, London, and Chicago Stock Exchanges.
For more news and information on Honeywell, please visit
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