General Electric Company , a leading industrial goods manufacturer, recently announced that it is likely to slash approximately $2.2 million in energy costs by harnessing solar energy using solar panels. The company is expected to set up these panels in Schenectady and North Greenbush in New York.
General Electric’s startup venture Current is expected to produce over 75 million kilowatt-hours of alternative energy, which is sufficient to light up 7,000 homes over 20 years.
General Electric had earlier installed its solar solutions in 16 other locations across the United States and Puerto Rico. The company is continuing to install similar solar solutions in Schenectady and North Greenbush. The complete installation of solar solutions across all these locations will produce over 614 million kilowatt-hours of power over 20 years. The amount of current produced will be adequate to light up more than 55,000 homes.
The company has been focused on providing world class service to its customers. It strives to improve its efficiency keeping in mind the environmental impact. At this juncture when people are looking for alternatives to save energy, the new solar solutions will be cost effective and long sustaining.
The Schenectady site will see the state’s largest solar carport, which will help the company save $1.5 million in energy costs. Over its 20-year lifespan, it would produce in excess of 54 million kilowatt-hours of alternative energy, which is adequate to light up over 4,900 homes in the region. The reduction in harmful emission is equivalent to removing 7,900 cars from the road. At this site, the installation is expected to begin late this summer.
Alongside, at the North Greenbush GE Healthcare site, the new ground-mount solar solution will reduce energy costs by approximately $725,000, over its 20-year lifespan. This solar unit is expected to produce more than 23 million kilowatt-hours of power. This installation is equivalent to removing over 3,200 cars from the road. Work on this project is expected to begin in September.
General Electric is looking to install its solar solutions across all the locations by the end of 2016. This will not only curtail cost but will also be beneficial for the environment.
General Electric carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Honeywell International Inc. , CLARCOR Inc. and Carlisle Companies Incorporated . All three carry a Zacks Rank #2 (Buy).
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