Admirals Bank Bets on Residential Solar Energy

| 9/3/2013 11:26:00 AM

Tags: residential solar,

Admirals Bank

Admirals Bank, a Boston based Bank with a Regional Banking Center in Providence, RI recently opened a Renewable Energy Lending Business Development Center in San Francisco, CA.  This marks the Bank’s second major initiative following the launch of their new division, Admirals Alternatives, earlier this year.

Over the past five months Admirals Bank has been heavily focused on financing residential solar and renewable energy systems across the United States.  As an FHA-approved lender and the nation’s leading Title I Home Improvement lender, Admirals Bank has been extremely successful in financing home improvements for over 30 years. The Bank’s well-established Title I business was the firm foundation upon which Admirals Alternatives was built.  Admirals Bank has financed over $10 million for residential solar and renewable energy systems over the past seven months.

Nicholas W. Lazares, Chairman and Chief Executive Officer of Admirals Bank stated, “Our Bank has several national business lines, including Home Improvement and Renewable Energy Lending.  The West Coast, and California in particular, is a key region for Admirals Alternatives and shows tremendous growth potential.  So for some time we have seen the need to establish a presence on the West Coast.  It further confirms the Bank’s significant investment and commitment to its Renewable Energy Lending Business and customers in that region of our country.”

The Bank’s new California location emphasizes its commitment to the West Coast marketplace.  The residential solar industry is growing at a rapid pace as homeowners realize the benefits of energy independence and direct ownership.  Western states like Arizona, New Mexico and California have contributed to homeowner awareness by offering attractive rebates and incentives for homeowners that choose to purchase their systems.  The abundance of sunlight and extremely mild winters also make these locations ideal for installing renewable energy systems on homes.

Mr. Lazares concluded, “San Francisco is the heart of the renewable energy industry on the West Coast. It wasn’t difficult to decide where we wanted to build our new location.”

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