Publisher McGraw-Hill, along with NJR Clean Energy Ventures (NJRCEV), announced plans recently to build what is said will be the largest privately-owned and net-metered solar project in the Western Hemisphere.
The project is expected to reduce the equivalent of about 10 percent of McGraw-Hill’s annual global carbon emissions.
This translates to approximately the same amount of annual emissions as 2,488 cars. Aside from reducing carbon emissions, installing the solar plant will also create 294 jobs.
NJRCEV is investing $60 million to develop and install the solar arrays on a 50-acre plot of land right next to McGraw-Hill’s corporate offices.
Advanced Solar Products is installing the array on a ballasted racking system that is manufactured in New Jersey and requires no ground penetrations. To help make the site look more natural, McGraw Hill is also planting 25 acres of trees surrounding the panels.
The project will be completed in two phases. 50 percent of the arrays will be completed by the end of 2011 and final completion is expected March 2012.
It is expected that these 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 (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements.