Iowa Regional Bank Saves $178k on Solar Power: A USDA REAP Grant Story
Bridge Community Bank, a regional bank serving three Eastern Iowa locations, partnered with Rabe Hardware to help achieve their financial and environmental goals with a Rabe Solar System.
The bank saved over $178,800 on installation costs and anticipates a 4-5 year payback thanks to solar tax credits and USDA Reap grants.
SOLAR INCENTIVES UTILIZED:
- 30% Federal Tax Credit
- USDA REAP Grant
- No Iowa Sales Tax
- Rapid Depreciation
INCENTIVE INSTALLATION SAVINGS: $178,800
Find out what incentives you qualify for. CONTACT US TODAY!
Three bank locations, all based in USDA designated rural areas:
Mechanicsville Bridge Community Bank
Mechanicsville, IA
Start-up: 6/28/23
- Ground Mount
- 120 Solar Panels
- 53.4 kW Array Size
- Expected Production: 78,403 kWh Annually
- $13,328 Annual Savings from Solar
Mount Vernon Bridge Community Bank
Mount Vernon, IA
Start-up: 8/4/23
- Ground Mount
- 50 Solar Panels
- 22.25 kW Array Size
- Expected Production: 33,270 kWh Annually
- $6,321 Annual Savings from Solar
Solon Bridge Community Bank
Solon, IA
Start-up: 11/7/23
- Roof Mount
- 80 Solar Panels
- 35.05 kW Array Size
- Expected Production: 42,855 kWh Annually
- $7,280 Annual Savings from Solar
A few words from Bob Steen, CEO of Bridge Community Bank.
What do you love most about having solar?
“Knowing you are doing the right thing for the environment and having solar credits most months that cover the bulk of the Winter months, changes the outlook in a very positive way. The bank has received a lot of positive comments on the solar projects.”
How was it to work with Rabe Hardware?
“After having multiple energy invoices, we can say with certainty that the Rabe engineering hit the mark. As a contractor, I would give them strong recommendations.” – Bob Steen, CEO, Bridge Community Bank
