Solar Project Financing
Kitsap Bank is committed to a triple bottom line businesses model, in which we actively seek out ways to innovate and conduct business in a socially, economically and environmentally sustainable way. As an example, we’ve partnered with EcoPower Development to invest in utility-scale clean energy solar projects around the United States. Through this unique partnership, Kitsap Bank has become a leader in our industry with the expertise to finance utility-scale, full scale commercial, and local community-based projects. To date, Kitsap Bank has financed over $23 million of solar projects which generated over 12 gigawatts of electricity in 2020, enough to power 1,200 homes for a year. This solar energy eliminated 8,579 metric tons of greenhouse gas emissions, equivalent to 1,853 fewer cars on the road or 965,000 gallons of gasoline.
New Mexico - Co-op Utility
Jemez Mountains Electric Cooperative
The co-op had an agreement in place with a large utility in which energy was mainly derived from coal. However, as New Mexico has a mandate in place to be net carbon zero by 2025, the co-op had to evaluate alternative clean energy solutions.
They ultimately decided to invest in capturing solar energy through a state-of-the-art solar array with a tracking system that follows the sun. Made up of about 17,000 solar panels, the array is able to produce 17,050 kilowatt hours of electricity per day.