Fifth Third Celebrates Five Years of 100% Renewable Power
The Aulander Holloman solar project opened in late
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The Aulander Holloman Solar Facility is located in
In late
As part of the agreement, and in return for Fifth Third’s financial guarantee, the Bank receives claims for adding net-new renewable capacity to the regional grid in the form of renewable energy certificates (RECs). RECs are issued when one megawatt hour of electricity is generated and delivered to the electricity grid from a renewable energy resource. Appropriately verified and retired RECs act as a proof of generating and using renewable energy. As an industry best practice, Fifth Third uses a combination of RECs, onsite renewable energy, and ongoing energy-efficiency measures across the enterprise to power its operations with 100% renewable power.
“Ultimately, the power purchase agreement has meant that we put more power into the nation’s electricity grid than we use with all our facilities combined,” said
In 2023, the solar power generation from the Aulander Holloman solar facility was more than 190,000 megawatt hours – enough to power over 25,000 homes, or the equivalent of emissions from over 29,000 passenger vehicles.
Fifth Third has continued to build upon its commitment to renewable energy by installing solar panels at 20 new financial centers at the end of 2023 and into 2024. These projects took place in communities across
Fifth Third’s use of solar power, combined with internal efforts to reduce energy use, have helped the Bank reduce enterprise-wide grid-based energy use by more than 40% - one of Fifth Third’s six operational sustainability targets adopted in 2022. To-date, the Bank has achieved two of the six goals, and is making significant progress toward the rest.
“These goals are the most aggressive operations sustainability goals we’ve had to date,” Pratik said. “They maintain our focus on critical areas of operational sustainability while demonstrating our continued leadership in the financial services industry.”
More information about Fifth Third’s sustainability strategy is available in the Bank’s 2023 Sustainability Report.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few
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