Standard Chartered Bank
Standard Chartered Bank saves energy costs by 25% with solar power
Overview
Standard Chartered Bank, with the objective to contribute to greener environment and to reduce its costs, has opted for solar power solution by ENA for its branches in Karachi, Lahore and Faisalabad.
Challenges
- High Electricity Costs
- Environmental Pollution
- High Maintenance Costs
Solution
Solar Energy
Key Benefits
● Reduction in electricity bills by 25%
● Cost savings
● Lower carbon footprint by 143.532 MT
● Scalability
● Improves air quality
● Environmental sustainability
About Standard Chartered Bank
Standard Chartered Bank (Pakistan) Ltd. is the oldest and largest international bank in Pakistan. The Bank employs over 2,100 people in Pakistan and has a network of 40 branches in 10 cities. The Bank serves both Retail and Corporate and Institutional Banking customers.
How these challenges are solved with Solar Energy
Cost savings via
Lower electricity bills:
With solar power, the bank is able to cut back its electricity expenses as it is cheaper source of energy as compared to other sources.
No Peak Demand Charges:
With grid power, there are peak hours defined where the charges increase thereby increasing electricity bills. Solar energy can offset peak electricity usage, resulting in saving peak demand charges.
Stable Energy Costs:
By generating their own electricity, the bank can hedge against future increases in utility rates, ensuring more predictable and stable energy costs over time.
Lower maintenance cost:
It requires low maintenance and repair costs.
Scalability:
Solar energy systems can be scaled up or down based on the bank’s energy needs and available space, making them adaptable to future growth.
Return on Investment (ROI):
The savings on electricity bills and other costs provide a relatively short payback period for the initial investment in solar panels. After the payback period, which is around 24 months in this case, the bank can enjoy free electricity for the remainder of solar system’s lifespan.
Better Market position:
Since it’s a responsibility of each business to contribute towards saving our planet, the SC’s initiative to move towards green energy is a strong demonstration to their commitment to sustainability and this attracts environmentally conscious partners and clients, potentially increasing business revenue and strengthening market image.
Environmental sustainability:
With solar power the bank has been able to reduce its carbon footprint by 143.532 metric tons annually.