The Royal Bank of Canada (RBC) announced the launch of the RBC Community Solar Program, a new national initiative aimed at supporting community organizations launch solar energy projects.
Under the program, RBC will purchase renewable energy certificates (RECs) from participating organizations through 10-year agreements, providing them with a long-term revenue stream while helping to lower their operational costs. RBC noted that the program will also support its own efforts to reduce emissions from its own operations.
According to RBC, the program is designed to help make solar energy projects viable for community organizations by providing reliable, long-term revenue stream through the REC purchase that organizations can reinvest in their programming. The program will also enable RBC to support renewable energy development, despite limited opportunities to install solar directly, as it leases the majority of its real estate.
RBC said that it is launching the program with two community organizations, BUILD, in Winnipeg, Manitoba and Holland College in Prince Edward Island. BUILD has installed a 109.8 KW installation, while Holland College has launched two solar installations expected to generate 214.5 KW of installed capacity.
RBC Foundation also provided additional capital funding to support the BUILD and Holland College installations. RBC said that the Foundation’s funding decisions were made independently of the RBC Community Solar Program, which does not cover installation costs.
Jon Douglas, Head of Climate Operations at RBC, said:
“We aim to strengthen communities across Canada and to lower our operational emissions by helping launch more locally sourced renewable power. By tapping into RBC’s deep community ties, financial expertise and commitment to renewable energy, we can empower local organizations and make a difference together.”
In addition to the new program, RBC highlighted additional climate actions include investments of $35 million over three years to retrofit its Canadian branch network with low-carbon heating and cooling systems, working with landlords to reduce emissions in leased spaces and sourcing renewable energy through long-term renewable energy virtual Power Purchase Agreements (vPPAs).
