JAMAICA National Building Society (JNBS) is spending a whopping $30 million for the purchase and installation of a solar system, as part of efforts to ‘green’ its operations.

Not only is the investment expected to benefit the environment, it is also to help the financial institution retain money in its coffers over the long term.

“We have decided on going with this ‘green’ initiative because not only will alternative energy allow us to save more on electricity costs, but it will help us to move away from our traditional way of banking to the use of more alternative channels,” Philip Bernard, general manager of community banking told Career & Education.

“From JNBS’ perspective in the long term, we expect a reduction in the reliance on fossil fuels, lower energy consumption and costs, and the possibility of sometime in the future selling non-fossil energy back to the grid, thereby reducing Jamaica’s reliance on fossil fuels,” he added.

Bernard said that the time is now for JN to make the transition, given the growing demand for electricity, in part due to the increase in electronic banking transactions.

“Now is the time to curve our operation costs and invest in resources that will allow our organisations to save in the long-run,” Bernard noted, adding his encouragement for other companies to follow suit.

JN has so far put in solar systems at their University of the West Indies, Mona branch and at the Michi Centre JN Express Self-service kiosk along Washington Boulevard in Kingston. They will later this year install the system at their Montego Bay branch.

“Our Montego Bay branch is going to be more environmentally friendly when generating power and more advanced in alternative energy production than our Michi location,” Bernard said. “(The branch) is going to be unique. It is going to be our first move away from our traditional banking where you have tellers. We are trying to use more alternative channels and there will be more Internet banking.”

Unlike many solar projects that businesses have launched with the use of solar panels and battery-operated systems, JN has opted to take the non-traditional route. The system implemented at UWI and the Michi Centre is comprised not of the average solar panels, but of light-emitting diode (LED) bulbs, inverter air conditioning units, and a UPS outbox system.

Unlike traditional fluorescent bulbs, LED bulbs require maintenance after every 10 years and consume less energy. The inverter air conditioning units installed consume 60 per cent less energy than the average air conditioning units, Bernard said.

He added that with these new alternative energy systems available on the market, not only will the building society save energy, but also valued information for record keeping. This, as stored energy will greatly reduce the risk of losing information during power outages.

Already there is evidence that JN’s investment is justified.

“When you look at the cost for an uninterrupted power supply (UPS) — an electrical apparatus that provides emergency power to a load when the input power source, typically the utility mains, fails — its cost is around $600,000. The cost of a similar system that we are going to use to replace the UPS system (is) almost the same. So we have gone that route,” Bernard said.

JN has also recorded a reduction in the monthly estimated energy bill at the UWI location.

“UWI is not fully green, but we are aiming to make it fully green. It is an expense we are foreseeing. However, the electricity cost there is now under J$10,000 per month, unlike an Automated Teller Machine which is much smaller and costs approximately J$30,000 per month,” Bernard revealed.

Approximately $3 million has been spent on the energy-efficient infrastructure at UWI and the Michi Centre.