T. Rowe Price's Investment in Solar Energy Will Reduce Operating Costs and the Firm's Carbon Footprint
New energy system at the firms Owings Mills, MD corporate campus is projected to reduce the firm's U.S. electrical consumption by 4%
Investment in a solar photovoltaic energy system is expected to reduce T. Rowe Price’s operating costs by supplying approximately 2.2 million kilowatt hours of electricity a year, representing 4% of electricity consumed across the firm’s U.S. properties, and reduce global greenhouse gas emissions by 4%. This is equivalent to removing over 300 passenger vehicles from the road each year.
“Electricity is one of the firm’s largest operating costs. Diversifying our energy supply with renewable sources makes good business sense,” says Kevin Shea in Corporate Social Responsibility. “At the same time, it will reduce our impact on the environment.”
Solar technology is only one example of T. Rowe Price’s effort to reduce costs and focus on long-term preservation of the earth’s resources for the benefit of its clients, associates, shareholders, and communities. Other sustainable initiatives have included:
- Building and designing over 630,000 square feet of office space—nine significant projects—to achieve environmental certification, such as Leadership in Energy and Environmental Design (LEED) certifications.
- Reducing landfill waste by approximately 50% since 2010 through enhanced recycling and composting programs.
- Offering electrical vehicle charging stations at the firm’s U.S.-owned facilities to support associates who drive fuel-efficient cars.
“The state and federal government are both encouraging big investments into solar power,” says Chief Financial Officer Ken Moreland. “The incentives being offered made it a good time for us to add these panels.”
The solar panels are expected to be installed by the end of December 2015.
To learn more about T. Rowe Price’s sustainable initiatives, visit TRowePrice.com/responsibility.
