Partners with Solect Energy Development to deploy 25 kW solar energy solution at Framingham headquarters
FRAMINGHAM, MA—OCTOBER 01, 2014--MutualOne Bank, a full-service bank serving the MetroWest Boston area, has partnered with Solect Energy Development of Hopkinton to deploy a 22 kW renewable energy solar system at its Framingham, MA, headquarters. The system is expected to offset the bank’s electricity needs by approximately 25 percent, a savings of more than $10,000 annually.
“Solect is one of our partners and banking customers, and we’ve been able to see the solid financial benefits that solar energy offers and how Solect has been able to help their customers significantly cut electricity costs,” said Steve Sousa, executive vice president at MutualOne. “As we looked to be a better corporate citizen by becoming a greener company ourselves, solar made a lot of sense.”
Solect and MutualOne also partner to help other businesses finance their solar PV systems.
In addition to cost savings, MutualOne is able to take advantage of state and federal tax incentives, including SRECs (Solar Renewable Energy Certificates), which solar system owners earn based on the amount of solar energy their system generates. SRECs are ultimately purchased by electrical utility providers in Massachusetts to help them meet their state-mandated goals of a percentage of power coming from renewable energy sources.
“MutualOne quickly realized the benefits that solar energy could bring to their business and their bottom line," said Ken Driscoll, Founder and CEO at Solect. "Renewable solar energy will help them reduce their electricity costs for years to come, while at the same time creating a solid revenue stream.”
About Mutual One
MutualOne Bank, which operates under an 1889 state charter, has full-service offices at 828 Concord Street and One Lincoln Street in Framingham and at 49 Main Street in Natick, a Commercial Loan Center at 160 Cochituate Road in Framingham, and a Residential Loan Center at 49 Main Street in Natick. MutualOne Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and a member of the Share Insurance Fund (SIF). All deposits are insured in full. For more information, visit http://www.mutualone.com.