The carport boasts 2,128 solar panels, sourced from PermaCity Solar’s partner Schuco, estimated to generate 695,181kWh annually. Upon completion, the structure is expected to result in a 40% decrease in energy costs, saving the bank more than $9,000 per month.

PermaCity Solar worked with Gensler and EcoMotion, a renewable energy consulting firm, to create what is expected to be an architecturally advanced solar carport design in the US.

By installing a solar carport, the bank is not only reducing its dependence on energy from fossil fuel sources, but also attaining an return-on-investment coupled with additional monetary savings in the form of generous state rebates and federal tax incentives.

Jonathan Port, president and CEO of PermaCity Solar, said: “Our goal is to implement solar energy solutions that allow our customers to minimize their carbon footprint and reduce overall energy overhead in a cost effective, aesthetically pleasing way.

“The project for Cathay Bank is designed to provide continuous sustainable energy for the property while offsetting an estimated 1,411 barrels of oil and reducing 494 tons of CO2 from being released into the atmosphere. These cut backs act as the equivalent of planting 2,364 trees per year.”

Construction of the solar carport is set to commence on June 14, 2010 and is scheduled to be completed by September 2010.