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Key takeaways:
- RBC's Community Solar Program can help make solar energy projects more affordable for local organizations across Canada.
- Through a 10-year agreement, RBC buys renewable energy credits (RECs) from participating organizations creating an additional revenue stream while helping to lower their operational costs.
- The program is a creative solution to help RBC reduce its own operational emissions while supporting community-led solar energy development and wider grid decarbonization.
RBCÂ today announced its RBC Community Solar Program, a new national initiative that can help community organizations launch solar energy projects. These projects can lower organizations' operational costs, and generate long-term revenue through RBC's purchase of renewable energy certificates (RECs), committed over 10 years while contributing to RBC's commitment to reduce its own operational emissions.
How RBC Community Solar Program works
Many community organizations can't justify the cost of solar energy projects. The RBC Community Solar Program helps make these projects viable by providing a reliable, long-term revenue stream through the REC purchase that can be reinvested into their programming. For more information on how RECs work and our associated targets, please visit Reducing emissions in our operations – RBC.
"We aim to strengthen communities across Canada and to lower our operational emissions by helping launch more locally sourced renewable power," said Jon Douglas, Head of Climate Operations, RBC. "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."
How RBC's Community Solar Program aligns with RBC's Climate Blueprint
Reducing emissions from its own operations is a key priority for RBC's climate strategy. RBC is committed to reducing its operational emissions, including sourcing 100 per cent of its global electricity from renewable energy with the aim to create additionality1 and provide social benefits2.
As a corporate tenant that leases the majority of its real estate, RBC has limited opportunities to install solar. The RBC Community Solar Program is an innovative solution for RBC to help support renewable energy while supporting the communities in which it operates. Â
This program debuts with two community organizations described below.
BUILD, Manitoba
BUILD, based in Winnipeg, Manitoba, is an Indigenous social enterprise non-profit contractor and a training program for people who face barriers to employment. The organization employs local individuals, aims to cut crime, decreases employment and income assistance (EIA) rates and trains the next generation of local workers for long-term careers in the trades.
For BUILD the project is a natural extension of their mission. The organization's work spans construction, renovation and maintenance, and the new solar installation serves as a hands-on training opportunity, allowing trainees to gain practical experience.
The first community solar location is a 109.8-kilowatt installation3. expected to generate enough solar energy to power approximately 12 homes4. RBC Foundation also provided additional capital funding to support the installation5.
"In true Winnipeg fashion, we are making every dollar do more than one job," said Sean Hogan, Executive Director at BUILD. "The project will lower our operating costs, create training opportunities and generate additional value through the sale of RECs. 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, Prince Edward Island's provincial community college, has also signed on with the program. The project includes two solar installations at the College's Prince of Wales Campus in Charlottetown and Atlantic Police Academy in Summerside.
Holland College offers career-focused education and training in areas including skilled trades, applied sciences, technology and business. The project complements the College's ongoing investment in modern, efficient campus infrastructure.
Together the projects are expected to generate 214.5 kilowatts of installed capacity6, which is enough to power approximately 22 homes7. RBC Foundation also provided additional capital funding to support the installation8.
"Holland College is proud to be one of the first organizations selected for RBC's Community Solar Program. These installations represent an important investment in campus infrastructure in Charlottetown and Summerside and will deliver long-term operational benefits for the College. This partnership with RBC is both an investment in sustainability and in the students who will help build a stronger future for our communities," said Natalie Mitton, Holland College President & CEO.Â
About RBC's operational climate strategy
In addition to the RBC Community Solar Program, RBC's climate actions include investing $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). For more information on RBC's operational climate strategy, visit Reducing emissions in our operations – RBC.
Caution regarding forward-looking statements and important notice regarding this press release
The information in this press release is provided for information purposes only. This press release may contain forward-looking statements within the meaning of certain securities laws. Information on this press release is or may be based on assumptions, estimates and judgements. For cautionary statements relating to the information on this press release, refer to the "Caution regarding forward-looking statements" and the "Important notice regarding this document" appendices in our latest Sustainability Report, available at www.rbc.com/sustainabilityreporting. Except as required by law, none of RBC nor any of its affiliates undertake to update any information in this webpage.
The content of any websites referred to in this press release including via website link, and any other websites they refer to are not incorporated by reference in, and do not form part of, this press release. This press release is also not intended to make representations as to the sustainability-related initiatives of any third parties, whether named herein or otherwise, which may involve information and events that are beyond our control.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
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1Â The GHG emission reductions or removals from the mitigation activity shall be additional; for example, they would not have occurred in the absence of the incentive created by carbon credit revenues. |
2 This was achieved partially by sourcing energy attribute certificates (EACs), in line with RE100 Principles, such as renewable energy certificates (REC), and power purchase agreements (PPAs). RE100 is a global corporate renewable energy initiative with guiding principles on reaching 100% renewable electricity. Forward-looking statements about our plan to continue to source 100% of our electricity from renewable energy also rely on EACs. |
3Â Figures and estimates provided by the solar installation companies, including system size and initial estimated annual electricity generation. |
4 Estimate based on average Canadian household energy consumption, per Statistics Canada. |
5Â The installation costs aren't covered as part of the RBC Community Solar Program. RBC Foundation's decision to fund was made independent of the RBC Community Solar Program. |
6Â Figures and estimates provided by the solar installation companies, including system size and initial estimated annual electricity generation. |
7 Estimate based on average Canadian household energy consumption, per Statistics Canada. |
8Â The installation costs aren't covered as part of the RBC Community Solar Program. RBC Foundation's decision to fund was made independent of the RBC Community Solar Program. |
For more information, please contact:
Siriphone Maldonado, Corporate Communications, RBC
SOURCE RBC Royal Bank
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