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MINNEAPOLIS, May 21, 2014 Honeywell (NYSE:HON) today launched a campus-wide energy retrofit project for Coe College in Cedar Rapids, Iowa, that is expected to decrease the college's electricity use by 25 percent and natural gas consumption by almost 50 percent, and deliver approximately $220,000 in guaranteed energy and operational savings each year.
The project also aims to reduce the environmental impact of the 20-building campus, trimming close to 2,300 metric tons of annual greenhouse gas emissions equivalent to removing 450 cars from the road. Combined with a transition to gas-fired heating in 2010, the college expects to cut its carbon footprint in half. This will help the school meet the sustainability requirements of the American College & University Presidents' Climate Commitment (ACUPCC), which Coe College and more than 680 other U.S. institutions have joined to help curb climate change.
Coe College will fund the $3.45-million project with a loan issued by the Iowa Economic Development Authority (IEDA) under its Energy Bank funding program, a resource available to public and non-profit entities to finance energy-efficiency improvements and renewable-energy projects. The low-interest-rate loan will help the college pay for the work without tapping into its capital budget. And the savings the improvements generate, guaranteed by Honeywell through a 15-year performance contract, should cover the project expenses.
"We have a long history of adopting conservation measures, but had reached a point where it was difficult to achieve more without outside resources," said Michael White, vice president of Administrative Services, Coe College. "Honeywell identified where we can drive greater efficiency and helped build a master plan for future improvements."
As part of the retrofit project, Honeywell will implement a number of building management improvements in 16 facilities. These enhancements include redesigning air-distribution systems, and adding HVAC controls so operators can better manage energy use and comfort. Additional upgrades include: high-efficiency lighting and occupancy sensors; weatherization improvements to reduce the loss of conditioned air; and new plumbing fixtures to cut water waste.
Construction will begin in late May and is expected to last 12 months. Honeywell will work with local contractors to complete most of the upgrades, helping create or sustain an estimated 35 jobs based on figures from the National Association of Energy Service Companies.
"Energy retrofit projects help Coe College and other institutions in many facets, not just lowering energy use and costs," said Paul Orzeske, president of Honeywell Building Solutions. "There are direct environmental benefits important for organizations with sustainability goals. These projects also help revitalize critical buildings and infrastructure."
A global leader in energy-saving technology and services, Honeywell has completed almost 5,700 guaranteed efficiency projects around the world, which includes work for colleges and universities from South Korea to Southern California. Combined, this work is expected to decrease customers' operating costs by an estimated $6 billion.
For more information visit Honeywell Building Solutions or follow @HoneywellBuild on Twitter. 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 release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.