Sign in Subscribe
Banking industry

Bank of America Expands Renewable Energy Commitment through 10 Solar Agreements

Strategic Insights

— 1 min read

Bank of America has made a significant commitment to renewable energy by partnering with several companies to develop and purchase solar electricity for its operations in North Carolina, Texas, and other states. The bank has entered into 10 agreements to purchase solar electricity for a total of 200 megawatts (MWAC) of new solar electricity capacity, which will supply over 340,000 megawatt-hours (MWh) of Green-e(r)-certified renewable energy certificates (RECs) annually. This commitment will meet 100% of Bank of America's annual electricity use in the Carolinas and the majority in Texas.

Key Takeaways:

  • Bank of America has partnered with Duke Energy, NRG Energy, 3Degrees, NativeEnergy, and Birdseye Renewable Energy to develop and purchase solar electricity for its operations.
  • The 10 agreements will cover a total of 200 megawatts (MWAC) of new solar electricity capacity, which will supply over 340,000 megawatt-hours (MWh) of Green-e(r)-certified renewable energy certificates (RECs) annually.
  • The solar projects will meet 100% of Bank of America's annual electricity use in the Carolinas and the majority in Texas, representing nearly 21% of the bank's U.S. electricity use.
  • Many of the projects include pollinator habitats with vegetation and plantings to support local biodiversity and agriculture, which will increase habitat for endangered and non-endangered pollinator species, create critical habitat along pollinator migratory routes, and increase habitat and forage for other non-pollinator species.
  • Bank of America is the first company and financial institution to sign a 10-year agreement for electricity and Green-e(r)-certified RECs through Duke Energy's Green Source Advantage (GSA) program.

Statistics:

  • Total solar project capacity: 200 MWAC
  • Total solar electricity supply: over 340,000 MWh/year
  • Percentage of Bank of America's U.S. electricity use: nearly 21%
  • Number of pollinator habitats: multiple
  • Acres covered by solar projects: hundreds
  • Solar panels installed: hundreds of thousands
  • Renewable energy certificates (RECs) supplied annually: over 340,000 MWh

Sources:

  • Bank of America, "Bank of America Expands Renewable Energy Commitment through 10 Agreements"

Read more