National Cooperative Bank (NCB), a national financial institution serving co-operatives and socially responsible organizations, has reached a major milestone by arranging approximately $370 million in new financing for customers installing environmentally-friendly solar energy systems nationwide.
NCB’s Renewable Energy Department arranged the financing, which included 75 term loans totaling $197 million; 16 installation loans for $93 million; and 20 grant/tax bridge loans totaling $77 million.
The solar projects, located throughout Arizona, California, Colorado, Florida, Hawaii, New Jersey, North Carolina, Massachusetts, Maryland and Nevada, provide a whopping 312 Megawatts of DC (Direct Current) power.
NCB’s renewable energy financing program has been extremely successful since its inception in 2008, making possible numerous large-scale photovoltaic solar projects generating clean electricity and reducing carbon consumption.
According to statistics, 312 megawatts powers 50,714 homes annually, while offsetting 302,411.20 tons of carbon and eliminating of 604,822,400 lbs of carbon each year.