Through a renewable energy sleeved-power purchase agreement (PPA), the company is participating in Duke Energy’s Green Source Advantage (GSA) program. The bank is the first company and financial institution to sign a 10-year agreement for electricity and Green-e certified renewable energy certificates (RECs) through this program.
The purchase of a 25 MW solar project’s electricity output and RECs will cover 45% of Bank of America’s electricity load in the state. By participating in Duke Energy’s GSA program, Bank of America is on path to becoming carbon neutral and utilizing 100% renewable electricity across its global operations.
This project will be constructed in the Piedmont region of North Carolina. The project will include the installation of a pollinator habitat surrounding 70,000 solar panels, covering approximately 180 acres, and is expected to be online in 2022.
Silver Pine Energy, a joint venture between Silver Creek Energy and North Carolina developer Pine Gate Renewables, will oversee the development of the project and will support the engineering, procurement and construction services.
Duke Energy’s GSA program has 600 MW of capacity for large Duke Energy customers in North Carolina. Cities — like the city of Charlotte — are also eligible to participate.
The Green Source Advantage program is an outgrowth of 2017’s landmark solar legislation in North Carolina. Other programs such as solar rebates for customers and solar leasing were also part of that legislation.
Earlier this year, the bank announced that it met its carbon neutrality goal a year ahead of schedule, pending third-party verification. The goal was accomplished by reducing Scope 1 and 2 emissions from its facilities, purchasing 100% renewable electricity, and buying carbon offsets for its remaining unavoidable emissions.
The reduction in emissions resulted primarily from reductions in energy use across Bank of America’s facilities, according to a Bank of America spokesperson. Those were achieved by consolidating space and implementing energy efficiency projects, including lighting and HVAC equipment and controls upgrades, data center equipment and controls upgrades, and decommissioning unneeded equipment.