Wednesday, May 6, 2009
Phoenix Business Journal
National Bank of Arizona Wednesday announced a partnership with SolarCity and First Solar Inc. to build a 222-kilowatt solar system to be mounted on carports at the bank’s headquarters in Phoenix.
The project, set to up and running by summer, will include 2,960 solar power cells. Officials said that is enough to power 20 to 30 homes.
“We felt that adopting solar power was one of the smartest things we could do as a company,” said Keith Maio, president of National Bank of Arizona. “It’s an investment in sustainability that reflects our commitment to Arizona. It also helps our bottom line. The solar systems will provide clean electricity equivalent to that needed to power 20 to 30 homes for the next 30 years.”
Part of the funding was provided by Salt River Project and its EarthWise program that gives incentives to businesses installing solar equipment.
Utility incentives and potential federal tax credits could cover 60 percent of the system’s cost. The company did not release information about the cost of the system. SolarCity typically provides lease options on solar systems to the companies and residences upon which they install systems, enabling them to collect the federal tax credit.
The system will be one of the largest in the Phoenix area.
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