Patagonia encourages other brands to invest in clean energy scheme
18/03/2016
The fund uses state and federal tax credits to direct Patagonia’s tax dollars into the residential development of Sungevity solar energy systems.
The fund will purchase more than 1,500 residential solar energy systems to be made available to homeowners in Arizona, California, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York. Homeowners pay no up-front costs but sign power purchase agreements to buy solar energy for less than their utility’s rates (any surplus energy produced by the panels is sold back to the utility).
“We’re doubling down on an investment strategy that brings great financial returns while supporting the clean energy economy,” said Patagonia CEO Rose Marcario. “B Corps know how to make money while creating broader benefits – but any company would be smart to leverage their tax dollars this way. I hope others take advantage of a great opportunity.”
The fund replicates an endeavour between Patagonia and Kina’ole that was created to purchase 1,000 rooftop solar systems in Hawaii in 2014.
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