MINNEAPOLIS, May 29, 2013 /PRNewswire/ -- Honeywell (NYSE:HON) today announced an energy retrofit project that will save the Huntington West Virginia Housing Authority more than $340,000 in annual energy and operating costs.
The initiative will improve building comfort and energy efficiency in more than 900 public housing units in 13 complexes for the Huntington West Virginia Housing Authority and includes building upgrades and conservation measures that will cut energy use at each complex.
The housing authority will finance the building improvements through a 15-year, $3.7 million energy savings performance contract with Honeywell. This will enable it to fund the retrofit project with annual energy cost savings guaranteed by Honeywell rather than using additional public resources.
"Maintaining our complexes is always a top priority, but it has become increasingly difficult to fund necessary improvements in light of tightening budgets," said William Dotson, executive director of Huntington West Virginia Housing Authority. "Our retrofit project with Honeywell will allow us to address maintenance and conservation needs risk-free with measures that will not only improve comfort but help us save money, too."As part of the retrofit work, Honeywell will install more energy-efficient lighting, furnaces and hot water heaters, implement water-saving measures such as low-flow toilets and faucets, and update wall insulation to minimize air infiltration at each of the 13 housing complexes. In addition to saving money and improving comfort, the building improvements will also cut the housing authority's annual greenhouse gas emissions by 1,081 metric tons – equivalent to removing 226 vehicles from the road. "Cash-strapped public entities often have to defer plans for needed building improvements or get creative in finding ways to fund them," said Paul Orzeske, president of Honeywell Building Solutions. "Guaranteed energy savings performance contracts are the ideal solution to allow public entities to make significant, energy-saving improvements without making a capital investment, with the savings guaranteed by Honeywell." Honeywell, a global leader in energy efficiency, has completed more than 5,000 energy efficiency projects around the world generating more than $5 billion in energy and operational savings for customers. About Honeywell Honeywell ( www.honeywell.com) 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 www.honeywellnow.com. This 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.