Credit Union Promotes, Installs
Solar Energy
In a low interest market, one California credit union has decided
to invest its money in a reliable source that offers a big return:
the sun. Santa Barbara
County Federal Credit Union (SBCFCU) announced
its intentions to become the first credit union in California to
have a solar electric system installed on its building, and unveiled
the new solar loan program that will encourage its members to do
the same.
SBCFCU board member Pat McPherson said the Credit Union's new
system will serve as a model for its members.
"It demonstrates to our members that solar makes good economic
sense and that they can benefit by installing solar power systems
on their homes using our No-Hassle Solar Power Loan," McPherson
said.
The 38 kW solar system will be installed by solar electricity
design and installation company REC Solar in November of this year,
and will generate approximately 60 percent of the credit union's
electricity usage. In addition, the Credit Union will begin offering
the new No-Hassle Solar Power Loan this month to make solar electric
system purchasing easy for members.
"The Credit Union leaders are really walking their talk
with their solar electric system purchase," said REC Solar
District Manager Michael Lind. "Not only are they encouraging
others to invest in solar with their new Solar Power Loan, they
are proving that they truly believe in renewable energy with the
purchase of their own system. They're not afraid to be the first
to do this and, with the vision of Pat McPherson, are very forward
thinking. It is exciting to be working with them."
The clean energy produced by the Credit Union's solar panels
will not only reduce CO2 emissions into the environment by 77,347
pounds per year, it will also reduce the credit union's electricity
costs enough to pay for itself in 10 to 15 years and provide additional
income.
Among the reasons McPherson said the credit union decided to
install the solar PV system was the return on their investment.
The solar array will provide the business a 7 percent return on
their investment, which is a better return then putting the money
in a CD account.
REC Solar has begun permitting and design on the system, and
expects to start its construction in late October with completion
in early November. A ribbon-cutting ceremony will be held in December
to celebrate the system's installation and the new loan program.
The No-Hassle Solar Power Loan Program, which will take effect
this month, will offer a quick and easy way for members to finance
solar electric systems. The interest rate for the loan, which can
be for up to $15,000, ranges from a four to six percent floor.
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