ONTARIO — RBC has launched a national community solar program that will purchase renewable energy certificates from participating organizations under 10-year agreements, providing an additional revenue stream for new solar projects.
The RBC Community Solar Program is intended to help community organizations offset the upfront economics of installing solar while reducing their electricity costs. RBC will purchase the renewable energy certificates generated by participating projects and use the RECs toward its operational emissions and renewable electricity targets.
The program is launching with projects involving BUILD in Manitoba and Holland College in Prince Edward Island.
“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,” said Jon Douglas, Head of Climate Operations at RBC.
BUILD, Manitoba
Winnipeg-based BUILD is an Indigenous social enterprise and non-profit contractor that provides construction training and employment opportunities for people facing barriers to employment.
BUILD’s project consists of a 109.8-kilowatt solar installation, which RBC says is expected to generate electricity equivalent to the annual consumption of approximately 12 homes.
The installation will also be used as a training opportunity for BUILD participants. The RBC Foundation provided additional capital funding toward the project.
“The project will lower our operating costs, create training opportunities and generate additional value through the sale of RECs,” said Sean Hogan, executive director of BUILD. “Every dollar saved or earned can be reinvested into our people, our programs and creating greater opportunity in our community.”
Holland College, Prince Edward Island
Holland College has also joined the program with two planned solar installations at its Prince of Wales Campus in Charlottetown and Atlantic Police Academy in Summerside.
The projects will have a combined installed capacity of 214.5 kilowatts, according to RBC, equivalent to the electricity consumption of approximately 22 homes. The RBC Foundation also provided capital funding toward the installations.
“These installations represent an important investment in campus infrastructure in Charlottetown and Summerside and will deliver long-term operational benefits for the College,” said Holland College president and CEO Natalie Mitton.
RBC said the program also supports its goal of sourcing 100% of its global electricity from renewable energy. Because the bank leases much of its real estate, it has limited opportunities to install renewable generation directly at its own facilities. The community solar model allows RBC to support new distributed solar projects while acquiring the associated RECs.
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