Running an efficient bank is all about utilizing the best practices for the best results. Whether it’s putting together a proper CD or investing safely into the best practices, in the end it all comes down to money, money, money.
That’s why Bank of America is making the switch to solar energy. Put simply, when your energy is renewable, it’s more cost-effective.
Thanks to an Onsite Solar Initiative, Bank of America is set to significantly reduce the energy costs of their facilities with the installation of solar panels at more than 50 locations nationwide.
The installation of solar panels at financial centers, ATMs, and office locations is expected to generate over 25 megawatts of energy to Bank of America. In the first year of the project, the bank is planning to get solar panels to 10 ATM locations and 15 financial centers.
Bank of America is expecting solar to power over 60 locations in the next three years.
By adding solar panels at ATMs, offices, financial centers and more, the bank will reduce energy costs as well as environmentally harmful greenhouse gas emissions.
Tom Scrivener, Global Real Estate and Enterprise Initiatives executive at Bank of America, describes the solar initiative as a critical component that will result in over $50 million in savings.
“Low-carbon energy programs like this demonstrate how Bank of America is working to meet our goal to use 100% renewable electricity by adding new solar sources and energy options to our operational footprint.”
While this is Bank of America’s first major foray in solar, they have been committed to clean energy for years. Many of the countries biggest renewable energy projects are directly financed through Bank of America’s $125 billion Environmental Business Initiative. But that’s small change compared to Bank of America’s “Green Bonds,” which have generated over $442 billion worldwide since 2013.
In an age where greed set its eyes on fossil fuels, it is particularly refreshing to know that some big names in finance are looking to invest in the future as opposed to the past.