New Energy Technologies, Inc. announced on February 25th a financial payback period of under one year for its see-through SolarWindow™ technology, capable of generating electricity on glass windows. Quick payback is one of the most important financial considerations for renewable energy consumers, including building developers, architects, and engineers.
“No competing technology I’ve seen has ever recorded or published a payback period as fast and as financially compelling as our SolarWindow™ technology,” explained Mr. John Conklin, President and CEO of New Energy Technologies, Inc. “This is a huge win for all our stakeholders – including future customers – and for the environment.”
According to first-ever financial modeling results released by the Company today, SolarWindow™ systems could achieve payback within one year. To produce the equivalent amount of power with conventional solar systems would require at least 5-11 years for payback and at least 10-12 acres of valuable urban land. In contrast, SolarWindow™ systems can be installed on available window glass on tall towers and skyscrapers.
“SolarWindow™ technology turns passive building windows into active power generators, producing the most exciting return on investment,” explained Mr. Kenneth Schuckers, CPA, who has experience in helping companies understand the benefit of renewable energy and tax savings during his tenure at Grant Thornton, KPMG, Deloitte & Touche, and others.
The prospect of exponentially out-performing today’s solar photovoltaic (PV) systems is made possible when engineers apply New Energy’s electricity-generating SolarWindow™ coatings to glass. These see-through liquid coatings create electricity-generating glass windows, successfully prototyped in the most aesthetically appealing colors in demand by building architects.
When applied to windows on towers, New Energy’s modeling shows SolarWindow™ generating up to 50-times the power of conventional rooftop solar systems while delivering 15-times the environmental benefits. For example, a single SolarWindow™ installation can avoid the amount of carbon emissions produced by vehicles driving about 2.75 million miles per year, compared to 180,000 miles for conventional rooftop systems.
“I’m proud to announce this milestone event for our SolarWindow™ technology. In addition to setting new recrds for size and power production, we’ve now surpassed the industry’s expectations for financial return,” explained Mr. Conklin. “In the upcoming weeks, we will work to secure independent third-party validation of our financial modeling – a major product development goal for 2015.”