New Resource Bank
New bank in California's heart of innovation to foster clean energy through capital.
New Resource Bank has partnered with SunPower, producer of the most efficient commercially available solar panels, to provide solar financing for homeowners. The innovative financing can be obtained through a simplified one-step process for homeowners. Homeowners get solar energy by paying a monthly bill that is close to or potentially less than their current electric utility bill. The program is custom designed to create the lowest monthly cost possible and takes advantages of existing rebate programs and tax incentives. Solar power becomes more accessible and an easier decision because homeowners do not have to re-allocate resources other investments like retirement savings and stocks and bond portfolios. Since launching the program in December 2006, the bank has received dozens of applications and has approved a number of loans.New Resource Bank has also rolled-out another innovative financing program that provides interest rate discounts and greater loan-to-value to green building projects. The Bank will provide a 1/8th percent discount on loans to green leadership projects in the commercial or multi-unit residential sectors. Even relatively small projects will enjoy tens-of-thousands of dollars in savings. To provide further incentives for developers, the bank will help boost the financial return of green buildings by providing more ?money.? For example, instead of providing a typical construction loan of up to 75% of appraised value, New Resource Bank will fund up to 80% loan-to-value (LTV) for projects that are designed and built to green leadership criteria as established by the US Green Building Council. However, the bank is open to alternative approaches to demonstrate green design excellence. Green buildings can provide significant energy savings as well as potential health benefits for its owners and occupants. Green buildings financed by the bank include a LEED-for Homes construction project in Martinez, California as well as smart growth and transit friendly projects in Berkeley, Oakland and the Sonoma wine country. New Resource Bank's office has been built to the standards of a LEED-CI Gold certification. This level of high performance utilizes advance lighting and sensing systems (motion and photo sensing), high efficiency water-sourced heat pumps, daylighting and the extensive use of renewable and recycled materials.
Individual customers get easier access to clean solar energy or greater incentives to build green. Depositors also get to channel their money towards financing sustainable resources while having funds in a safe and sound banking environment.The society benefits increased use of renewable energy and buildings that are more energy efficent and environmentally responsible.The economy benefits the growing penetration of new technologies that produce environmental benefits while creating economic value.The environment benefits lower carbon emissions via renewable energy production and energy efficiency.
The bank works with private equity and venture capital firms to provide financing and banking services that will help grow a new generation of more attractive clean energy products and services. The bank also works with partners to provide education and information to community clients on the benefits of clean energy. For example, bankers at New Resource Bank have brought conventional clients to green building conferences and seminars to show how green can be beautiful, strong and marketable. The education and information in some cases has created a change in interest towards clean energy or energy efficiency options.
The bank has completed the financing of a number of solar installations in California. The bank is also currently funding green building projects (Intended LEED-Home project in Martinez, California and smart growth projects in Berkeley, CA , Oakland, CA and Healdsburg). The bank is also providing financing to Solaria, a company that is commercializing a new photo concentration supercell that will make photovoltaic systems more efficient and thus lower the cost of energy.
The bank's green business clients are selling products and options that are healthier, more sustainable and more efficient. By channeling depositor resources towards financing sustainablity, the bank efficiently and safely allows capital flows to support entrepreneurs that postively impact the environment and our society.
The bank provides a unique option to help channel resources for clean energy. Bank depositors have a no-risk or low-risk option to directly impact the growth of clean energy projects or businesses.