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A
New Resource for Alternative Energy
by
Chuck Hall
 There
is a power grid failure somewhere in the United States every
thirteen days. Current estimates suggest that the demands on the
power grid are growing about 25% faster than the current
infrastructure can support. Unless something changes drastically
very soon, blackouts and brownouts will become more and more common.
Just
to let you know how fragile the current power grid is: the blackout
of August, 2003 that affected much of the Eastern Seaboard, was
caused due to a tree branch falling on a power line in Ohio!
One
of the most obvious choices we as energy consumers could make would
be to simply not connect to the power grid in the first place. By
connecting to the grid, we make our families and ourselves
susceptible to the failures inherent in the system. When the grid
goes down, so will our homes, if we’re connected to the grid. If
your home has its own power source, whether solar, wind, mini-hydro,
or some other source, you are no longer dependent upon your local
power company for your energy.
While
energy independence may sound like a good idea, the sad fact is that
most banks will not loan money for a solar or wind power
installation because they consider it a luxury item and not a
necessity. A new player in the financial market is trying to change
all of that.
New
Resource Bank (www.newresourcebank.com) is a new startup based in
Northern California. Unlike most financial institutions, New
Resource Bank has enough foresight to realize that the future lies
in the direction of sustainability. With this in mind, they have
partnered with SunPower Corporation, also a California-based
company, to create financing packages for solar installations in
homes and businesses. A typical solar installation that would allow
a home to become energy-independent could run anywhere from $20,000
to $40,000 (before federal, state and local tax incentives). New
Resource Bank will structure a home equity loan for such a purchase.
In most cases the payments on such a loan end up being less
expensive than the monthly power bill for an on-the-grid home.
New
Resource Bank was founded by a group of entrepreneurs with over 200
years of banking experience among them. According to their mission
statement, their goal is “financing sustainable resources in
[their] community.” If their initial public offering is any
indication, there is a huge demand for their services. Nearly $25
million worth of stocks were sold at the opening, making it one of
the largest startups of a bank in the history of Northern
California.
Hopefully
in the near future more financial institutes will learn from New
Resource Bank’s example. There is a great demand for sustainable
technology, and those who help to finance it only stand to gain from
it.
Chuck
Hall is a Sustainability Consultant and author. His latest book, Green
Circles: A Sustainable Journey from the Cradle to the Grave, is
now available at Booklocker.com.
You may contact Chuck by email at: chuck@cultureartist.org or visit
the Culture Artist Web site at www.cultureartist.org.
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