Bangor Savings Bank Invests in Solar & Maine Communities
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Banking Savings Bank continues to prove their motto “You Matter More” is true by investing in local communities and by protecting Maine’s pristine natural environment. For 165 years Bangor Savings has been helping Mainers with personal and business banking services, and more recently they have been investing in solar energy systems, providing a financial return on investment and protecting Maine’s clean air and water.
We’ve banked with Bangor Savings for over a decade, so it was an honor to expand our partnership by installing solar arrays at three new branches in Brunswick, Portland and South Portland. The combined power output of these systems is roughly 24,000 kilowatt-hours each year (enough to power 5 homes) and will reduce over 22,000 lbs of carbon pollution annually.
Solar electricity is reliable, and its savings predictable, making it increasingly popular for businesses looking to stabilize and reduce energy costs. Solar panels are warrantied for 25 years and a system has an operating life of about 40 years.
- Low equipment prices (solar panels have fallen in price by 75% since 2004)
- Tax incentives (depreciation and investment tax credits)
These solar projects resulted in a locked-in rate for electricity well below the local utility’s rate.