The Bank of America is installing solar panels across its locations as part of its Onsite Solar Initiative.
The locations include financial centres, ATMs, office locations and other operational buildings.
The bank has expanded its environmental operations in a bid to reduce its energy costs and greenhouse gas emissions.
Through the installation of these solar panels, the financial institution is expected to generate more than 25MW of renewable 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,” commented Tom Scrivener, Global Real Estate and Enterprise Initiatives Executive at the Bank of America.
“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.”
Financial centres and offices in California, Florida, Pennsylvania, Nevada, and North Carolina are already benefitting from solar installations.
By 2022, the bank aims to have installed solar capacity to more than 60 of its locations.
“Having solar energy onsite to power our facilities is part of our responsible growth strategy and reduces our operational impact on the environment,” commented Andrew Plepler, Global Head of Environmental, Social and Governance at the 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.”