Gosling’s Installs Solar Energy System
Local company Alternative Energy Systems [AES] has been awarded by Gosling’s with the contract to engineer, design, supply and install a photovoltaic [PV] solar energy system to generate electricity at its head office in Hamilton.
Gosling’s will be the first commercial customer to finance the project in full through The Bank of N.T. Butterfield & Son Limited.
“This latest project carries great significance,” says AES founder and Chief Executive Officer, Tim Madeiros. “It’s two of Bermuda’s oldest establishments working together to take a modern approach to energy.”
The 136 kilowatt system, which will be installed on the main warehouse roof, will produce over 17,000 kilowatt hours or more than $6,500 worth of electricity per month based on today’s cost of electricity.
“As the price of energy continues to rise along with our awareness for environmental stewardship, we decided that Gosling’s needed to make a move toward renewable energy,” said Nancy Gosling, President and C.E.O. of Gosling Brothers Limited.
“In working with Butterfield, we were able to obtain full financing, which was a huge factor in moving forward with the project.”
Lee Simmons, Vice President, Corporate Banking at Butterfield, said: “Building upon our longstanding relationship, we are pleased that Gosling’s Limited selected Butterfield to provide financing for the installation of a photovoltaic solar energy system at its Hamilton warehouse. We applaud their forward-looking efforts to reduce their environmental impact and improve their operating efficiency.”
In addition to the cost savings, AES said the Gosling’s solar energy system will save 3.8 million pounds of CO2 from entering Bermuda’s atmosphere.
“Having just debated the Energy White Paper, I can say that there is strong desire across the board to encourage businesses and individuals in Bermuda to incorporate renewable energy,” said Marc Bean, Minister of Environment, Planning & Infrastructure Strategy.
“I commend Gosling’s and Butterfield for not only being a part of important environmental change, but also for inspiring others to do the same.”
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Category: All, Business, Environment
Good, this is what all the wealthy businesses and people should be doing.
ya right bye, the rest of us should just keep on giving belco our money rather then investing it in something that makes sense!!
Might be nice if all of the banks would finance personal homes with the same ideas? Maybe they do but I have not heard of it.
Maybe Belco could finance the projects so they do not have to spent for new plants?
Just ideas
Certainly, but everyone needs to understand that adding Solar on their house is an asset that should boost the longer term valuation of their house if / when they make a choice to sell. With the environment the way it is going we cannot ignore any solution that offers totally free power at no cost to both the client and more notably the environment!