Sanibel Bank Goes Green with Solar Panels
Participating in the SanCap Solar Connect Solarize initiative, Sanibel Captiva Community Bank (SCCB) purchased a solar electricity system for it’s branch location at 2475 Library Way on Sanibel Island. This 70 panel system has a 18,200 watt rating, and will reduce the bank’s utility electricity use.
Solar Panel Investment
Solar panels are a popular purchase for banks and other businesses with a long-term outlook. One of the best features of a commercial solar electricity system is the tax benefits. On top of a 30% Federal Investment Tax Credit, profitable businesses can depreciate solar panel assets on a 5-year schedule. It can even depreciate half of the tax credit! For an investment that will yield returns for over 25 years, that’s a great deal, and many banks recognize it.
While payback periods can be in the 7-13 year range depending on many factors, solar electricity systems often provide returns on investment (ROI) in the high single digits. This is far higher than other investments with similar risk profiles and terms.
SCCB also added solar panels at it’s McGregor Blvd branch just off Sanibel Island. These two locations represented their best opportunities for solar panel installations.
The bank is hedging against rising electricity costs. With a recently proposed 24% rate increase be Florida’s largest utility company, locking in the price of energy for decades is smart business.
Florida voters recently passed Amendment 4, which allows legislation to exclude solar panels from the taxable value of commercial and residential property.
Then there is the environmental aspect. Solar panels represent the bank’s commitment to a clean environment – something very important to Sanibel and Captiva’s residents. Residents recognize and patronize businesses that share an interest in maintaining the natural beauty of their pristine islands.
Making Money By Doing Good
Solar panels represent both a money making opportunity and and opportunity to do something good. A good corporate citizen, Sanibel Captiva Community Bank is doing good for its customers while collecting a few extra dollars every day of the year without even working at it.
If your business has a long-term investment horizon, and is interested in making money and doing good at the same time, contact us today!