BNY Mellon switches on solar power system at Massachusetts office

BNY Mellon switches on solar power system at Massachusetts office

The Bank of New York Mellon has installed a 76 kilowatt solar powered system at its offices in Everett, Massachusetts in a move to reduce its carbon footprint and cut costs.

The new system has begun supplying power to the bank's 385,000 square foot office complex, home to more than 1000 employees and an operations centre for securities servicing and payments processing businesses.

The 5762 square foot array is a "direct tie" system, with electricity generated by 364 solar modules flowing directly into the building's power lines, effectively reducing power needs from the utility in direct proportion to system output.

BNY Mellon estimates annual output to be around 103,000 kilowatt-hours, which is expected to generate cost savings of up to $15,000 a year. The system should also save around 50 tons of carbon dioxide and 425 pounds of sulphur dioxide.

The project received funding from the Massachusetts Renewable Energy Trust with various tax incentives covering about two-thirds of the cost of the system, which will pay for itself in less than five years.

Chip Logan, general services and corporate real estate division manager, BNY Mellon, says: "Together with our partners at Jones Lang LaSalle, Massachusetts Renewable Energy Trust and National Grid, this solar installation supports our corporate-wide commitment to sustainability while easing energy demand on the local grid."

Banks are becoming increasingly aware of the value of greening their buildings. Earlier this month Societe Generale launched a green IT programme which includes a "Smart Building" study to look into integrating a tool that automatically reports on the bank's buildings' fluid and energy consumption.

In February Deutsche Bank embarked on a programme to carry out a 'green' technological modernisation of its iconic twin-tower office blocks in Frankfurt.

Last year Bank of America made an undisclosed investment in Philadelphia-based Field Diagnostic Services (FDSI) and is deploying the firm's energy management technology across thousands of US branches to reduce greenhouse gas emissions and cut energy costs in half.

Meanwhile UK banking group HSBC has completed the installation of 422 solar panels on the roof of its Canary Wharf headquarters in London.

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