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Massachusetts is one of several states Bank of America will target in 2019 for its expanding environmental Onsite Solar initiative. 

The banking giant recently announced that it will install solar panels at financial centers, ATMs, office locations and other operational buildings that will reduce energy costs for the bank and greenhouse gas emissions.  

The program is expected to generate more than 25 megawatts of renewable electricity that 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,” Tom Scrivener, global real estate and enterprise initiatives executive at Bank of America, said in a statement. “The Onsite 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 the energy savings and low-carbon enhancement through the bank’s Onsite Solar installations.  

This year, the bank plans to install solar panels at 15 financial centers and on 10 ATMs. Over the next three years, the company is expected to add more than 60 solar installations across its operations. 

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

Bank of America will install solar panels on branches, ATMs and financial centers in 2019 in Arizona, California, Connecticut, Florida, Illinois, Kansas, Maryland, Missouri, Nevada, New Jersey, New York, North Carolina, Rhode Island, Texas and Virginia. 

These actions will move the bank closer to meeting its broader environmental operations commitment to carbon neutrality and purchasing 100 percent-renewable electricity by the end of 2020, as well as its goals to reduce location-based greenhouse gas emissions by 50 percent and energy use by 40 percent in the same timeframe.  

As part of the bank’s broader financial commitment, the company has deployed more than $126 billion over the past 12 years in support of environmental business efforts, and recently announced it will mobilize an additional $300 billion in capital starting next year to support more sustainable business activities.

This is its third environmental business commitment as part of its broader Environmental Business Initiative. The bank will meet its current goal of $125 billion by the end of 2019, six years ahead of schedule. 

“Having solar energy onsite to power our facilities is part of our responsible growth strategy and reduces our operational impact on the environment,” Andrew Plepler, global head of environmental, social and governance at Bank of America, said in a statement. “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.” 

MA One of States Targeted in Bank of America Solar Initiative

by Banker & Tradesman time to read: 2 min