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  • Nick Sylvestre

Is your business ready to take the lead on renewables?

Updated: Sep 10, 2020

Bank of America recently announced it is partnering with Duke Energy to power its headquarters and other Charlotte operations with solar energy. On Monday, the company unveiled solar deals for around 200 MW across several US states, supporting its goal to become carbon neutral and use 100% renewables power for all its global business. The deal will contribute to the bank’s commitment to buy all its electricity from renewable sources and reduce its impact on the environment. It is one of 10 agreements announced by the Charlotte-based bank that are designed to encourage new renewable energy production nationwide. These unique partnerships and projects will build on their previous achievements of carbon neutrality, bringing innovative solutions and creative thinking to the forefront of their goal to address climate change and access clean energy. This will continue to push the solar industry in a positive direction as larger companies continue to commit their global businesses to renewables.  

Through a renewable energy-sleeved power purchase agreement (PPA), the company is participating in Duke Energy’s Green Source Advantage (GSA) program. The bank is the first company and financial institution to sign a 10-year agreement for electricity and Green-e®-certified renewable energy certificates (RECs) through this program.  

The bank has signed 10 power purchase agreements (PPAs) that will bring more than 340,000 MWh of green-e-certified renewable energy certificates (RECs) annually, equal to almost 21% of its overall power consumption in the US. The contracts were sealed with Duke Energy (NYSE:DUK), NRG Energy (NYSE:NRG), 3Degrees, NativeEnergy and Birdseye Renewable Energy. All have terms of 10 years. 

With Duke Energy, Bank of America has worked out a renewable energy-sleeved PPA that will enable it to power its headquarters and other operations in Charlotte, North Carolina, with solar electricity. North Carolina currently ranks No. 2 in the nation for overall solar power. By getting the output and associated RECs from 25 MW of capacity at a new solar plant in the Piedmont region, the bank will meet 45% of its electricity load in the state with solar power.In addition to supporting jobs and the local economy, the project will include a pollinator habitat surrounding 70,0000 solar panels and covering approximately 180 acres. The PV farm will become operational in 2022. In Texas, meanwhile, Bank of America will get 160,000 MWh annually from a project that NRG’s unit Reliant Energy is developing. The structured deal will bring solar power to 345 of the bank’s facilities, financial centres and ATMs in the state. The power will be generated by a yet-to-be-identified solar farm in west central Texas that is expected to come online in two years. The specific solar project will go live in mid-2022. Before this date, the bank’s sites in Texas will receive electricity and RECs from other renewable energy projects contracted by NRG.

This latest update from Bank of America shows that renewable energy is at the forefront of big businesses and is only going to continue to increase as legislation continues to support clean energy. Small to midsize businesses can follow suit and invest in renewable energy to increase profits and support the renewable energy sector. 

Contact Louth Callan Renewables at 860-814-4379 to see how your business can become a leader in the renewable energy movement.

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