Rooftop, Solar

Banking on Solar Energy with RWE Schott Solar

On November 19 as Cambridge Savings Bank celebrated the opening of their first branch in Newton, they were also quietly producing clean, renewable energy. This week the Bank became Newton’s first business to install a solar electricity system.

Newton, Massachusetts – November 25, 2003 [SolarAccess.com] Eight rooftop solar panels from Billerica, Massachusetts-based RWE Schott Solar now help meet the bank’s electrical load. Unlike traditional fossil fuel and nuclear power plants, this process is pollution-free. Each year the bank’s solar array is expected to produce 2700 kWh of energy, offsetting nearly two and half tons of carbon dioxide emissions. The solar installation grew out of the bank’s commitment to energy conservation. In an aggressive effort to increase efficiency, Cambridge Savings bank reduced its overall energy use by 22 percent in the past two years, even with the addition of two new branches. “We believe that energy efficiency and renewable energy are not only good financial investments, but also important investments in the community and the environment,” explains Nelson Goddard, Senior Vice President of Administration. The solar electric system was installed through an incentive program offered by the Massachusetts Energy Consumers Alliance in partnership with the City of Newton’s SUNERGY program and with financial support from the Massachusetts Technology Collaborative’s Renewable Energy Trust. This funding, combined with federal and state tax incentives, reduced the installation cost by more than half. While the Cambridge Savings Bank is the first business in Newton to participate in this program, many homeowners and the City itself are also taking advantage of this opportunity. Zapotec Energy of Cambridge managed the solar installation project, working with the branch design and construction team. Newton City Mayor David B. Cohen applauded the bank’s commitment. “Energy use and a dependence on fossil fuels pose serious challenges to the future of our community and the world. The leadership of Cambridge Savings Bank moves the Newton community a step closer to a clean energy future.”