JPMorgan Chase plans to retrofit more than 70% of Detroit branches with LED lights and new building management systems, the Michigan Chronicle reported on Wednesday. These retrofits are paired with a $900,000 investment aimed at supporting sustainable infrastructure projects in the city.
The new retrofits are being done in collaboration with General Electric’s energy-focused startup Current. In 2016, JPMorgan Chase announced a deal with Current on the world’s largest LED lighting installation. It calls for a massive LED installation across 4,500 branches covering millions of square feet. The bank’s goal is to reduce slash greenhouse gas emissions 50% below 2005 levels by 2020.
By June of this year, the companies had retrofitted 2,500 branches with LED lighting and planned to work on 60 JPMorgan Chase corporate offices, helping to cut lighting energy consumption by 50%, according to a public announcement at the time.
Phase two of the installation began over the summer. JPMorgan Chase and Current said they would use Current’s AllSites cloud-based energy management system, which has sensors, software, and lighting controls to help branches reduce the consumption of electricity, gas, and water from irrigation systems. In addition, Chase branches will utilize a water-saving app from Current development partner Weathermatic.
In Detroit, JPMorgan Chase will work with Current to retrofit 13 bank locations. “The retrofits of branches across Detroit will cut lighting energy consumption by 50%, electric and gas consumption by 15%, and water consumption from irrigation systems by 20%,” according to the companies.
Joel Howrani Heeres, director of sustainability for the City of Detroit, lauded the announcement in a public statement, calling the bank an example of sustainable business in Detroit as well as a leader in energy and sustainability.
The retrofits are part of a larger JPMorgan Chase effort to boost economic recovery in the Motor City, where the banking institution has been doing business for more than 80 years. In 2014, the company made a $100 million investment in Detroit that went toward revitalization including community development, workforce training, and incubating new businesses.
Vendors mentioned above:
- Current, powered by GE