WATERBURY CENTER, Vt.—Five solar companies from across the U.S. are seeking to form Clean Energy FCU, with a goal of launching operations sometime in 2016.
The steering committee—made up of representatives from SunCommon, Waterbury Center, Vt.; Technicians for Sustainability, Tucson, Ariz.; Namaste Solar, Boulder, Colo.; Sun Valley Solar Solutions, Chandler, Ariz.; and Third Sun Solar, Athens, Ohio—is in the process of applying for the federal charter, Solar Today reported. The groups hope to receive the charter by the end of 2015.
The CU will be open to only to members of the American Solar Energy Society (ASES), and will begin as an online CU, with the goal of keeping overhead as low as possible to offer better rates, the American Solar Energy Society reported.
Initially, Clean Energy will offer savings accounts, CDs, a variety of loan options, and online banking services. By reducing the cost of financing, the CU expects to reduce the costs of installing solar and other clean energy technologies, opening doors to more people to become part of the “clean energy revolution,” the American Solar Energy Society reported.
“If solar is the key to democratizing our electricity, then credit unions are the key to democratizing financing,” Duane Peterson, co-CEO of SunCommon, told Solar Today. “We are committed to the idea of building a credit union that will outlast all of us and serve as an ongoing source of financing to help everyday people acquire solar and other clean energy technologies. The mission of SunCommon is to tear down the barriers to renewable energy. The credit union will help do just that.”