The healthcare industry’s core mission is to lengthen and improve lives. Because human health is inextricably linked to the health of the environment, pharmaceutical companies can further reinforce this mission through sustainable practices. While researchers work to develop innovative medical solutions within laboratories, solar panels outside will produce renewable energy to power operations. Healthcare companies can take an active role in reducing greenhouse gas emissions and harmful air pollution to improve the health of the planet and its people.Deploying solar energy is a visible way for pharmaceutical companies to demonstrate a commitment to public health and social responsibility. Daily operations require exorbitant electricity usage; beyond lighting and cooling buildings, pharmaceutical companies rely on electricity to run incubators, freezers, machinery, robots, and servers that function 24/7. In 2005, the U.S. pharmaceutical industry consumed almost $1 billion in energy annually (Energy Star). Facilities that integrate solar projects benefit from reduced operational costs and a hedge against energy market volatility by producing clean, renewable energy onsite.
A significant number of pharmaceuticals are already taking advantage of renewable energy. Through the RE100 initiative, 188 corporations have committed to using 100% renewable energy, including corporations such as Johnson & Johnson, AstraZeneca and Novo Nordisk that have set targets to use 100% renewable energy by 2050, 2025 and 2020, respectively. Biogen achieved its own 100% goal in 2014.
For more than a decade, PowerFlex has been a leading provider of turnkey solar solutions for the pharmaceutical industry amongst others. In 2014, PowerFlex installed a solar canopy on top of Regeneron Pharmaceuticals’ parking garage in Tarrytown, NY. Utilizing NYSERDA’s NY Sun Initiative, Regeneron was able to directly purchase the solar system that now produces approximately 660,700 kWh annually to offset 55% of the entire facility’s annual electricity consumption.Taro Pharmaceutical Industries partnered with PowerFlex in 2016 to install a solar system on the roof of its Cranbury, NJ facility and offset 100% of the site’s electricity needs. Taro Pharmaceuticals directly purchased the system, and now takes full advantage of New Jersey’s highly lucrative SREC market driving attractive project economics.PowerFlex has provided solar energy to other pharmaceutical companies, including SunPharma and Alexion as well as to its healthcare portfolio client, Medline Industries, for which PowerFlex continues to install systems and structure innovative financing solutions unique to each location’s needs and preferences nationwide.While certain state and federal renewable energy incentives will begin to phase out at the end of 2019, greater demand for renewable energy continues to make solar a more affordable reality for PowerFlex clients. As a result, now is an ideal time to take advantage of lucrative financial incentives and decreasing system costs. Contact PowerFlex today to learn more.