Many credit unions have found that green loans for energy efficiency or solar projects are good for business, according to a new Filene report titled "Improving Social and Environmental Sustainability: A Credit Union Assessment and Comparison."
"By embracing sustainability, credit unions have a real opportunity to attract and retain younger members, create innovative loan-growth opportunities and reduce the risk of losing market share to the corporate banking sector," said Ryan Honeyman, author of the Filene report and president of San Francisco-based Honeyman Sustainability Consulting.
"Energy efficiency, alternative energy and hybrid loans don't replace traditional auto loans and mortgages, but they can help attract younger members who might also take out mortgage and/or auto loans," Honeyman told CU Times. "Green loans can attract financially strong borrowers, spur membership growth and lead to new growth in solidly performing loans on the balance sheet."
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