Burgess COMMENTARY

Peter Burgess

LOCAL EFFICIENCY THROUGH REMOTE NET-METERING JFK Remote Net-Metering Solar Project The JFK Solar Center is a 1.5MW photovoltaic (PV) solar project to be located on the rooftops of two neighboring warehouses near JFK Airport in Queens, NY. Since there is no on-site “off-taker” for the solar energy, Bloomberg will directly purchase the clean energy and renewable attributes. This will be accomplished through an innovative interconnection arrangement known as “Remote Net-Metering.” This enables sites with poor solar characteristics (e.g., skyscraper) to benefit from solar energy generated on an alternative site with excellent solar characteristics (e.g., warehouse roof). Economic Benefits Bloomberg will save $53,000 in the first year and ~$800,000 over 10 years by utilizing cost-competitive solar power through an innovative New York State incentive program. Environmental Benefits Annually, the project will generate 1.7 million kWh of clean energy—over 10 years this is 17.1 million kWh. This will eliminate 492 metric tonnes of CO2e annually and 4,900 metric tonnes over the 10-year contract. Social Benefits The project is being developed by a NYC-based solar provider with 10 of its 14 full-time employees based in NYC. The warehouses hosting the system are part of a broader real estate development project that will bring 135 permanent jobs to the community. Through our environmental strategy, we are scrutinizing every aspect of our business, with the aspiration of creating a fully sustainable Bloomberg. 731 LEXINGTON AVENUE Energy Payment ENERGY COMPANY’S REMOTE METER PLANET JFK SOLAR CENTER Energy Credit