If anything, the name of a new credit union —– Clean Energy Federal Credit Union —- sounds like it is poised to serve the rising consumer demands for renewable energy products.
The NCUA granted a federal charter and share insurance fund coverage for the Boulder, Colo.-based credit union on Monday.
Clean Energy FCU will serve the 4,300 members of the American Solar Energy Society, a non-profit organization of renewable energy professionals, advocates, and enthusiasts. ASES was founded in 1954 when Bell Labs discovered the photovoltaic effect of silicon, the highly efficient material that launched the solar industry.
The new credit union's primary mission will be meeting the financing needs of ASES members. Using regular share and share certificate accounts, Clean Energy FCU plans to provide consumer financing for the purchase and installation of solar panels and high-efficiency home energy improvements as well as the purchase of electric and hybrid vehicles.
The U.S. solar market grew by a record 95% in 2016, according to the Solar Energy Industries Association in Washington, D.C. and GTM Research, a Boston-based market analysis and advisory firm.
Once the credit union's operations can support additional services, Clean Energy FCU also plans to offer share drafts, ATM access, IRAs, home equity loans for home that are net-zero energy or Energy Star certified.
This is the second “de novo” federal charter granted by the NCUA this year. In June, the Community HOPE FCU in Lincoln, Neb., received its charter and share insurance fund coverage.
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