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One year anniversary soon, INVESTBANK’s Switch to Photovoltaic System Saves 65 Percent of Headquarters’ Electricity Costs

Wed, 03/01/2017

After switching to Photovoltaic System, which coverts solar energy to electricity, to power its headquarters almost one year ago, INVESTBANK, the leading bank in providing innovative banking solutions, will manage to cut its electricity bill by up to 65 percent in one year.

The use of Photovoltaic System, which were installed in May 2016, was successful at saving the bank around JD110,000 in energy costs. Besides the money saved, the move also reduced the emission of over 300 tons of carbon dioxide annually.

INVESTBANK CEO Muntaser Dawwas said: “We were determined to improve energy efficiency, lower our energy bill, and reduce greenhouse gas emissions, so we considered solar as a clean alternative. Today, and after seeing the big difference a few solar panels can make, we are considering to duplicate this experience across our branches.”

To make the switch to clean energy, INVESTBANK partnered with ETA-Max, a chief provider of innovative energy-efficiency and environmental solutions in the Middle East, which installed the system with a 425-kilowatt peak capacity.

The panels were installed as umbrellas in the car park where they also provide the bank’s clients and staff with shade and protect them from heat and exposure to ultraviolet rays.

Solar energy is increasingly becoming a popular alternative for local businesses and households wishing to reduce their electricity bills. INVESTBANK’s switch to solar complements the Kingdom’s move to embrace renewable energy to reduce its reliance on energy imports.