Indiana’s 1st Source develops niche with solar

In just its first full year of lending to the commercial solar industry, 1st Source Bank, South Bend, Ind., provided financing for 10 projects in five states. The solar emphasis helps 1st Source customers and gives the $5.8 billion bank experience in an emerging industry.."With the financing of these 10 projects in our first full year, we have aided businesses, towns, schools and individuals to achieve improved environmental efficiency," said Senior Vice President Shelli Alexander. "The business driver for us in this industry is the same for almost everything we do at 1st Source — the customer. Some customers have mandates to increase their use of renewable and sustainable sources of energy, while others just want to save money. Solar allows them to do both.".1st Source began working with solar developers in the latter half of 2016, acknowledging the continued expansion potential of an industry averaging 68 percent growth in the last decade, per the Solar Energy Industry Association..The projects spanned Indiana, Michigan, Minnesota, Montana and Massachusetts. The focus on the public sector lies parallel with the needed size of a utility project to warrant financing. Thus, 1st Source has worked with elementary schools, universities and public utilities, as well as commercial customers. Its most-recent solar project is at Michigan State University, East Lansing.."Solar energy's positive impact aligns with our approach to serving our clients and the communities in which they live," said 1st Source Chair and CEO Christopher Murphy. "I am proud of the work the solar team has done thus far by leveraging special skills to help solar clients."