How does a bank go green? Don’t say with cash…unless you mean investing it in the environment!

Atmos Financial, one of Replate’s incredible partners, does just that as it pursues its path to green-ness and social equity. 

Founders Ravi Mikkelsen and Pete Hellwig began their venture as a way for consumers to invest their savings in clean energy projects. Both executives had a background in finance, knew the inner workings of the industry, and wanted to think of a more responsible approach.

They started by offering climate-positive savings accounts for individuals. These perform like any other bank, except that your money goes towards supporting innovative technologies and infrastructure that mitigate the climate crisis, rather than, say, oil. 

All your hard-earned capital is still there when you need it, and Atmos offers better interest rates than its competitors (plus, you can donate to organizations like Replate!)

More recently, Atmos expanded their product line to include checking accounts with cash-back rewards for purchasing from sustainable brands, and its latest development, solar loans.

The bank’s new program provides a more realistic opportunity for consumers to embrace solar paneling in their homes without draining their budgets, or going into debt.

"In order for every homeowner to afford to put solar on their roof, we need to change how it's financed,” Mikkelsen tells Replate. “The existing model for financing residential solar in the U.S. is fast and convenient, but very expensive compared to bank loans, and thus slows the transition as they make electrification more difficult.”

He adds, “As we’re a digital banking product, we can provide the same level of speed and convenience as the market leaders, but at a much lower price for borrowers.”

What is the existing model, exactly? 

The cost of solar paneling ranges by residence and city, but can run anywhere from a few thousand dollars to hundreds of thousands. Most are unaffordable for the average consumer, and APR gets up to 35%. 

Few can join this club, which is why Atmos jumped into the market. 

The company not only provides more economical loans (funded by customers’ savings accounts!) with up to 90% lower financing fees, it offers support with the installation. 

"Atmos works with a network of vetted installation partners and pays them directly over the course of the project,” Mikkelsen explains. “We take the management burden off of the homeowner and ensure that the system is installed properly on their behalf."

If more people have access to solar power, it will have a significant impact on the environment. Solar energy produces zero emissions, which means we can reduce our reliance on fossil fuels, and decrease carbon emissions. Additionally, it improves energy security by moving away from our dependence on oil and gas, which are often imported from other countries, increasing vulnerability to price spikes and supply disruptions.

Plus, solar power saves money. It can help to reduce energy costs for homeowners and businesses by generating electricity on-site, lowering electricity bills and providing a stable source of energy for years to come.

And it never runs out!

By offering solar loans, along with its other products, Atmos aims to create a financially viable model for banking that’s good for consumers, business, and the planet. 

Mikkelsen comments, "The most important element of our business is our impact. No other banking entity provides 100% climate-positive impact with its customers deposits nor provides scalable low-cost financing options for solar and electrification upgrades. Our customers know that every dollar deposited with us will help fund the transition and make it more accessible and affordable for all."

To learn more about Atmos, visit their website.

And find everything there is to know about Replate here!