Cathay Bank has awarded a contract to PermaCity Solar for designing and constructing a solar electric system with 432.5 kW capacity on top of a carport for the former’s Cathay Bank Corporate Center located in El Monte, California.
This carport features 2,128 solar panels of Schüco, predicted to produce 695,181 kWh per year. Upon completion, the project can lead to a 40% reduction in energy expenses, resulting in monthly savings of over $9,000 for the bank.
This carport provides around 300 bank customers with parking space. PermaCity Solar collaborated with renewable energy consulting company EcoMotion and architectural company Gensler for creating a sophisticated solar carport design.
Already, Cathay Bank has incorporated environmentally-friendly operational and construction elements, including recycled paper and waterless bathroom fixtures, into its Corporate Center. By setting up this solar carport, Cathay Bank is decreasing its reliance on renewable energy resources. The bank receives monetary savings resulting from federal tax incentives and state rebates.
This project will provide continuous clean energy for Cathay Bank, while decreasing 494 tons of carbon dioxide from entering into the earth’s atmosphere and offsetting around 1,411 barrels of oil, the equivalent of annually planting 2,364 trees.
On June 14, 2010, construction work on the project had started. This construction work on the solar carport is expected to come to a conclusion by September 2010.