EcoTech Innovations is evaluating two investment opportunities in sustainability projects: Project GreenLight and Project EcoBoost. Project GreenLight necessitates an initial investment of $1 million and is expected to yield cash flows of $300,000 per year for the next seven years. Project EcoBoost requires an initial outlay of $1.5 million and is projected to generate cash flows of $400,000 in the first year, increasing by $50,000 annually. Determine the project with the highest net present value (NPV) assuming a discount rate of 6%.