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As part of its ongoing commitment to reduce the company’s impact on the environment, Massachusetts Mutual Life Insurance Company (MassMutual) has announced it will install more than 500 solar panels on a portion of the roof of the company’s headquarters in Springfield, Massachusetts.
The solar panel installation will aim to cut electric and fuel costs for MassMutual, while also allowing the company to evaluate the sustainability of solar technologies for future ventures. The project will include both Photovoltaic and Thermal solar panels, which will generate electricity and hot water respectively and are expected to save an estimated $100,000 a year in energy costs.
“MassMutual is firmly committed to improving our facilities to be as green and sustainable as possible,” said Roger Crandall, MassMutual’s President and Chief Executive Officer. “We are proud to be a green leader among businesses in our area and hope that our example will inspire other organizations to evaluate and lessen their own environmental impact.”
The solar panels will be installed on a 40,000 square foot parcel of the 9.6 acres of roof on MassMutual’s main campus at 1295 State St. Aside from the solar components, the project will also utilize white roofing, which reflects the sun and reduces the temperature of roof surfaces.
“This new solar project will help lower energy consumption, reduce our carbon footprint, and provide a comprehensive understanding of green technologies, which will help MassMutual to continue our efforts toward increased sustainability,” said Sean Anderson, Assistant Vice President of Facilities Operations and Director of Green Initiatives at MassMutual.
Construction on the solar project is expected to begin in early April and be completed by late summer.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
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