Georgetown University Rate Agreement: A Closer Look
Georgetown University has been in the news lately due to a rate agreement that its administration has entered into with the local electric utility provider, Potomac Electric Power Company (Pepco). According to reports, the agreement is expected to reduce Georgetown University`s energy costs significantly, while also helping Pepco to meet its renewable energy targets.
But what exactly is this Georgetown University rate agreement and what does it mean for the university and the wider community? Here`s a closer look.
Background
Georgetown University is a private research university located in Washington D.C. with over 18,000 students enrolled across various schools and programs. With such a large student body, staff, and faculty, the university requires a lot of energy to keep its operations running smoothly. Traditionally, this energy has come from non-renewable sources, such as coal and natural gas, which can be expensive and damaging to the environment.
In recent years, however, Georgetown University has made significant strides towards sustainability, especially in terms of energy consumption. In 2017, the university achieved its goal of 100% renewable energy, making it one of the few universities in the United States to do so. This was accomplished through a combination of on-site solar power, off-site wind power, and the purchase of Renewable Energy Credits (RECs).
The Georgetown University rate agreement with Pepco is the latest step in the university`s sustainability journey, and it comes with several benefits.
The Agreement
Under the Georgetown University rate agreement, the university will purchase energy from Pepco at a fixed rate for the next ten years. This rate is significantly lower than the standard commercial rate, which means that the university will save money on its energy bills. In addition, Pepco has committed to providing the university with 20% of its energy from renewable sources, such as wind and solar.
The agreement is also beneficial for Pepco, as it will help the utility provider to meet its renewable energy targets. Under Maryland law, Pepco is required to obtain 50% of its energy from renewable sources by 2030. By partnering with Georgetown University, Pepco can achieve this goal more quickly and efficiently.
What Does It Mean?
The Georgetown University rate agreement is a win-win for all parties involved. The university will save money on its energy bills while continuing to prioritize sustainability, Pepco will meet its renewable energy targets, and the wider community will benefit from reduced greenhouse gas emissions and a cleaner environment.
This agreement is also significant because it shows that institutions and businesses can work together to achieve sustainability goals. By collaborating with utility providers and other stakeholders, universities and other organizations can make a meaningful impact on the environment and the economy.
Conclusion
The Georgetown University rate agreement with Pepco is a positive step towards sustainability, and it demonstrates the university`s commitment to reducing its carbon footprint and promoting renewable energy. As other institutions and businesses look for ways to become more sustainable, they can look to Georgetown University as a model of success. By working together, we can create a more sustainable future for all.