BofA Expects to Halve Energy Costs

As part of its $20 billion, 10-year investment in “green” strategies (both operationally and in business practices), Bank of America has invested in a Philadelphia energy management technology vendor that could shave 50 percent of the bank’s energy costs and carbon footprint across thousands of banking centers.

The investment amount was not disclosed, but BofA will deploy Field Diagnostic Services Inc. (FDSI) to cut gas emissions and energy usage through maintenance and improved operation of the heating and cooling systems in its 3,300 branches. Besides the 50 percent reduction in energy costs, the FDSI platform will reduce CO2 emissions by 14,000 tons a year, says BofA.

According to a news release, FDSI used both diagnostic tools and enterprise management software to track potential waste in energy consumption. FDSI will use the funds from BofA to expand its market presence, with technology it says can benefit nine million commercial heating and cooling units across the country.

BofA’s plans are in step with the “Carbon Principals” agreement signed earlier this year by Citigroup, JPMorganChase and Morgan Stanley. Although met with some skepticism, the principals adhere to voluntary standards that would encourage lending and investments in eco-friendly energy technologies—and put stipulations on any financing for ventures like new coal-fire energy plans.