Community bankers know a good deal: Solar energy
Bankers understand finance, money and good investments. So, when community banks step up to install solar energy panels on their buildings, that’s a strong signal that renewable energy is both good for business and good for the environment.
Solar energy is accelerating in the Midwest as the technology keeps improving, the economics get better and environmental quality benefits are valued.
Decorah Bank & Trust added its first solar panel in 2008 and has installed enough building rooftop and parking canopy solar arrays at its Decorah and Cresco banks to power almost 20 entire Iowa households.
Eight of Peoples Bank’s nine locations are likewise equipped with rooftop solar panels that provide 70% to 90% of the bank’s energy. The Clive, Waukee and Adel sites also have electric vehicle charging stations that are free for their customers and staff. That’s a smart marketing tool to attract customers with electric vehicles to come over to these banks to do business.
Peoples Bank has also invested in battery storage for backup reliability at its Clive bank in the event of an outage. As batteries gets more efficient and costs drop, they’re replacing bulky diesel generators.
Peoples Bank CEO John Rigler II explained: “Battery storage makes so much more sense. There are no moving parts whatsoever, they don’t wear out, they don’t make any noise. It’s good business practice.
It makes financial sense for us.”
Solar energy is most available on hot, sunny days when peak demand occurs as air conditioners’ load is high and commercial electricity rates spike. More businesses are now looking to install solar energy on their buildings both to avoid high utility rates and to advance environmental values.
Decorah Bank & Trust has designed loan programs that often cover 100% of small-business, residential and farm renewable energy projects.
The grants and tax credits available for Iowans installing solar support loan repayments, making this another example of how doing good can be good business.
“The climate crisis forces you to take some action and seize opportunities,” said Decorah Bank & Trust President and CEO Ben Grimstad. “In the case of the bank, the opportunity is to encourage people to develop renewable energy — and we’ll loan you the money to do it.”
These aren’t the only Iowa community banks helping grow renewable energy, as South Story Bank and Trust in Huxley and Iowa State Bank and Trust in Fairfield can attest.
These community bankers are savvy and sensible. They’re investing in solar energy generation that’s good for their banks’ bottom line, good for the environment and good for the community.
Leave it to bankers to recognize the economic benefits and customer service