FALL RIVER – BankFive has provided a $2 million tax equity investment as part of its partnership with Sunwealth Inc., which will support a portfolio of local community commercial solar projects across Massachusetts and California, the bank announced.
The portfolio of projects, including a 125-killawatt standalone meter rooftop solar project at Project Independence Services Inc. in New Bedford, will provide Sunwealth customers with more than $1.1 million in lifetime energy savings and lease revenue, according to a news release.
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“BankFive is committed to being responsible stewards of the environment, both in our physical locations and in the products we offer to our customers,” BankFive CEO and President Anne P. Tangen said in a statement. “We have installed solar panels on numerous branches, participate in the Mass Save program, which provides zero-interest HEAT loans for energy efficiency upgrades to our customers’ homes and businesses, and we offer commercial solar loans throughout our footprint to improve energy efficiency.”
The rooftop solar project at Project Independence Services, which was established in 1982 and provides skilled daytime nursing care for seniors and adults with limitations, is estimated to save the nonprofit organization $20,000 over the lifetime of the project, according to the release.
Another project in the portfolio is a 26-killawatt rooftop solar project at the Apartments at 165 Winter St LLC in Haverhill, Mass., an affordable family housing development that provides 12 units of rent-controlled housing to Section 8 income eligible residents, in partnership with Resonant Energy. The project is estimated to save residents of the development $42,000 over its lifetime, according to the release.
The final piece of the portfolio consists of 330 killawatts from a collection of rooftop solar projects at the Paradise Valley Estates in Fairfield, Calif. The nonprofit public benefit corporation founded in 1997 provides housing facilities and related services to retired military officers and their spouses. Installation of the portfolio of 20 projects will save Paradise Valley $10 million over the lifetime of the project, according to the release.
“A partnership with Sunwealth results in both environmental and economic benefits for the community and the bank,” Jennifer St. Pierre, BankFive chief financial officer, said in a statement. “Whether we’re participating in the financing of green energy projects, investing in sustainable development at our branches, or implementing strategies to reduce the bank’s energy use, it’s smart business and beneficial to our customers and our communities.”
