Honeywell (NYSE: HON)announced today that it has been awarded a unique solar energy project by the Pleasanton School District, which is located in the Bay Area. This is a pretty unique arrangement. Under terms of the deal, Honeywell will install solar panels on 7 of the districts schools. Not only will they install them, but they will own and operate the solar panels for a term of no less than 20 years. Once installed and fully operational (October 2007), Honeywell will sell the electricity it has generated from the solar panels back to the school district at a price that is well below the district's current rate. This arrangement seems to be an attempt by the school district to reduce expenses when budgets are really tight. The cool thing about this deal is that Honeywell will not require the school district to put up any cash or capital investment. I guess it is a win-win for all parties involved...the school district gets to save money on their utility bills (est. at $2.5 million over 20 years) and Honeywell receives positive press and they get to promote their Business Solutions group. Kudos to both Honeywell and the Pleasanton school district for making a positive impact on the environment! If you have heard of similar type ventures in your neck of the woods, please comment.