Buying clean energy through power purchase agreements
As more private companies commit to a clean energy future, there is a growing need to switch to clean energy, whilst keeping costs low. One way MIT has tackled this issue is through power purchase agreements.
MIT has partnered with 2 other Massachusetts-based companies, Boston Medical Centre and Post Office Square Redevelopment Corp; together they have purchased the energy produced by a new 660-acre solar installation in North Carolina. With a 73% share of the energy, MIT estimates that they will be able to offset around 40% of their current energy consumption.
This collaborative approach allows businesses to purchase clean energy at a more reasonable cost than is often achievable alone, making it an attractive prospect to companies looking to reduce their CO2 emissions.
Learn more about the Summit Farm Project and power purchase agreements here.