One of Australia’s largest mutual banks – supporting one of the nation’s most important industry groups, its teachers – has installed close to 200kW of solar on all four of its owned buildings, in a measure that is expected to help save the organisation $750,000 over the next five years.
The Teachers Mutual Bank said on Tuesday it had completed the $450,000 solar project, which installed 612 solar PV panels across four buildings, as well as 1,826 LED lights.
According to an independent report by the Incus Group, the 186kW of solar PV installed on the TMB buildings represents a near 80 per cent increase in known PV capacity in the banking sector in Australia, from 240kW to 426kW.
The measures are expected to cut the organisation’s greenhouse emissions by 28 per cent and save $750,000 over the next five years, according to the Incus Group report. Two of the sites will also export solar power to the grid.
And the Bank now has “net zero” emissions buildings, once carbon offsets are factored in.
“The investment in renewable energy is essential to minimising our environmental footprint and to ensure that we are investing in a green future, taking responsibility for generations to come,” said Teachers Mutual Bank’s CEO Steve James.