PMI Solar Power System Proves Green Technology Can Be Cost Effective
Three years after installing the county's largest solar electric system, The PMI Group, Inc has helped avoid the release of 107 tons of carbon dioxide into the atmosphere.
Since its inception in 2003, the 97 kilowatt solar electric system has produced 337,316 kWh, the equivalent of 30 acres of forest saved or not driving nearly 270,000 miles. The solar power system generates enough electricity to power nearly 100 homes 24 hours per day for the life of the system, which is approximately 30 years.
"The solar electric system is an illustration of PMI's commitment to enhancing life in the local community, as well as our commitment to quality and innovative technology," said Donald P. Lofe, Jr., Executive Vice President and Chief Financial Officer. "By demonstrating that environmentally friendly technology can be cost effective as well, we hope to serve as a model for other businesses."
Over the next 25 years, the system will save an estimated $1.3 million in avoided electricity charges and 1,000 tons of carbon dioxide emissions, the equivalent of not driving 2.6 million miles or planting 300 acres of trees. In addition to generating clean electricity, PMI's solar system, the largest of its kind in Contra Costa County, has the added benefit of insulating the building, thereby reducing the cost of heating and air conditioning, while extending the life of the roof, where it is installed.
The PMI Group, Inc.
The PMI Group, Inc. (NYSE:PMI), headquartered in Walnut Creek, CA, is an international provider of credit enhancement products that promote homeownership and facilitate mortgage transactions in the capital markets. Through its wholly owned subsidiaries and unconsolidated strategic investments, the company offers residential mortgage insurance and credit enhancement products domestically and internationally, financial guaranty insurance, and financial guaranty reinsurance. Through its subsidiaries, The PMI Group, Inc. is one of the world's largest providers of private mortgage insurance with operations in the United States, Australia, New Zealand, and the European Union, as well as one of the largest providers of mortgage guaranty reinsurance in Hong Kong. For more information: www.pmigroup.com
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