Learn more about how Green Banks have stimulated over $7B in clean energy investments with these examples of work other Green Banks have done in their communities.
Flywheel Portfolio – DC Green Bank
The Flywheel portfolio will provide low-cost solar electricity to low and moderate income (LMI) households for the next 20 years. DC Green Bank stepped in to provide the necessary capital for Flywheel to construct the projects on time. More than 300 DC households in four distinct affordable living communities are expected to benefit from more than $3.5 million in total savings on electricity bills for the lifetime of the installations.
Partnership with Local Utilities in Older & Low-Income Homes – Colorado Clean Energy Fund
The Colorado Clean Energy Fund partnered with Fort Collins Utilities’ EPIC Homes program to provide low interest & long-term loans to residents of low-income & older homes for home improvement projects, such as HVAC upgrades, new windows, and even solar panels. These projects reduce utility bills, improve living conditions, and save customers money.
Promoting Energy Efficient Technologies with the Green Energy Money $aver (GEM$) – Hawaii Green Infrastructure Authority (HGIA)
Green Energy Money $aver (GEM$) helps residential & commercial entities to finance projects with a minimum expected reduction in net energy annual costs of at least ten percent, including the cost of the monthly charge. This requirement seeks to protect low-to-medium income utility customers from seeing increased utility bills after installing an approved energy upgrade. To reach these mandated energy savings, the program centered its offerings on upgrades that offered the best payback in Hawaii’s mild, sunny climate: solar hot water heaters, solar PV systems, and commercial energy efficiency retrofits.
Smart-E Program – Michigan Saves & Connecticut Green Bank
Smart-E loans provide funding to homeowners to invest in energy efficient appliances & upgrades more easily by spreading the (usually high) up-front investment cost out over 5-12+ years, and providing access to a reliable contractors via a standardized process on an online portal & easy loan approval process
The program creates new jobs and uses local skilled laborers for labor. Smart-E programs have provided $250M in loans to 22,500 homeowners across 3 states as of 2020.
CLEER Loans & Takoma Overlook Condominiums – Montgomery County Green Bank
Montgomery County Green Bank completed financing under its Commercial Loan for Energy Efficiency and Renewables (CLEER) to six affordable homeownership communities to deliver energy efficiency benefits to these communities.
Takoma Overlook Condominiums is a 212-unit affordable residential high-rise condominium. The property received a $837,000 CLEER Loan by Sandy Spring Bank and a $200,000 bridge loan from the Montgomery County Green Bank and City First Enterprises, which were used for Energy Efficiency upgrades including new boilers, domestic water heaters, a new cogeneration system for on-site power and domestic hot water, and an EV Charging station. Improvements will reduce the condominiums’ energy consumption by 20%.
Anaerobic Digesters for Sustainable Dairy Farms – Connecticut Green Bank
A partnership between the Live Oak Bank, the Connecticut Green Bank, and Ag-Grid Energy, enabled 6+ dairy farms to finance the construction of electricity-generating anaerobic digesters. When completed, a single digester can produce up to 550 kilowatts of electricity and reduce 25,000 tons of organic waste annually.
Loans for Energy Efficient Upgrades – California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA)
The Residential Energy Efficiency Loan Assistance Program (REEL) reached several milestones: over 1,000 loans enrolled and more than $16 million financed. With a streamlined pathway for microloans, an allowance of equipment leases and efficiency-as-a-service agreements, the REEL Assistance Program allows participation from finance companies with a variety of business models and support expanded financial product offerings for customers seeking to make energy efficiency upgrades.
Lakeside Towers Multifamily – New York City Energy Efficiency Corporation (NYCEEC)
The property entered into a power purchase agreement (PPA) with Strategic Finance Group to purchase electrical and thermal generation from a 125 kW Tecogen cogeneration system. NYCEEC provided a $420,000 loan to a special purpose entity owned by Strategic Finance Group to purchase and install the cogeneration system and associated equipment. This loan with a $201,000 NYSERDA incentive financed the majority of the project cost.