Sustainable business entrepreneurship requires sophisticated financiers, so I wanted to let the Jetson Green readers know about an innovative, newly-founded banking institution called "New Resource Bank." They are "financing sustainable resources in [their] community." The bank was started by a group of entrepreneurs with expertise in the banking industry, and their start-up story is revealing: 240 founding shareholders subscribed to $24.75 M of the bank’s stock offering, and the community backed it as well bringing the initial subscription amount to $35 M–that’s a 60% over-subscription. This made it one of the largest initial capitalizations for a start-up bank in Northern California. Talk about suppressed demand for sustainably-minded banking institutions and investments!
They are all about green. The bricks + mortar bank was certified LEED-CI Gold. Plus, they announced an alliance with SunPower Corp. (company that manufactures high-efficiency solar cells and panels) to provide one-step financing of residential solar energy installations. Under the program, customers work out a home-equity type loan that allows monthly payments on the solar installation while they save money on their electricity bills. Factoring in governmental incentives, and if there are local incentives, you could end up with a mad case of energy and financial independence. Typical financing is for 25 years on a system ranging from $20,000-40,000 (before federal, state, + local incentives). If you’re a Californian, after the Governator’s program kicks in, there should be no reason not to go solar. Tip via GreenBiz.
Article tags: alternative energy, Green Business, Lending, residential