Bank Of America Launches On-Site Solar Initiative

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Bank of America plans to install more than 60 new on-site solar installations over the next three years.

The addition of solar power at financial centers, ATMs, office locations and other operational buildings will reduce energy costs and greenhouse-gas (GHG) emissions, the bank says. The program is expected to generate more than 25 MW of renewable electricity, which will directly power the bank’s operations with clean energy.

“Low-carbon energy programs like this demonstrate how Bank of America is working to meet our goal to use 100 percent renewable electricity by adding new solar sources and energy options to our operational footprint,” says Tom Scrivener, global real estate and enterprise initiatives executive at Bank of America. “The on-site solar initiative is a critical component that will directly offset the bank’s energy use and lower energy costs, resulting in an estimated savings of $50 million over 25 years.”

Six financial centers in California, Florida and Pennsylvania and two office locations in Nevada and North Carolina are already benefiting from on-site solar.

“Having solar energy on-site to power our facilities is part of our responsible growth strategy and reduces our operational impact on the environment,” says Andrew Plepler, global head of environmental, social and governance at Bank of America. “This work, along with our LEED certifications at our financial centers and other locations, provides not only an innovative experience for our clients, but is key to our role in helping to accelerate the transition to a sustainable, low-carbon economy while supporting the communities where we work and live.”

The company’s total sourcing of renewable electricity in 2018 was 1.8 million MWh, amounting to 91% of its global energy use – the equivalent of powering 153,000 homes for one year.

In 2019, the initiative will focus on installing solar panels at select financial centers and community financial centers and on ATMs in Arizona, California, Connecticut, Florida, Illinois, Kansas, Massachusetts, Maryland, Missouri, Nevada, New Jersey, New York, North Carolina, Rhode Island, Texas and Virginia.

In 2020 and 2021, the bank will focus on administrative offices in Arizona, Delaware, Florida, New York, North Carolina, Rhode Island and Texas.

These actions will move the bank closer to meeting its broader environmental operations commitment to carbon neutrality and purchasing 100% renewable electricity by the end of 2020, as well as its goals to reduce location-based GHG emissions by 50% and energy use by 40% in the same time frame. In November 2018, the bank announced a partnership with Juhl Energy to support a wind and solar hybrid project, bringing renewable energy to an underserved community in Minnesota. Bank of America is also a member of the RE100 campaign, which brings together global businesses committed to renewable energy.

Photo: Tony Webster from Minneapolis, Minnesota, United States [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)]

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