Financial nonprofits are building capacity for transformative energy upgrades that could turn climate action dreams into realities.
, an affordable housing complex in Silver Spring, Maryland. The project also allows nearby residents to buy a subscription to the Paddington Square solar array and receive credits on their energy bills. In nearby Rockville, the MCGB partnered with an area bank to lend the Melvin J. Berman Hebrew Academy $2.5 million to replace and. The campus now saves about $100,000 on its energy bills, more than enough to cover the payments on its loan.
Deyo said the terminology around green banks, which are actually nonprofits, can be a little confusing. “We’re not a bank—none of us are. We’re financial intermediaries. We take public capital and multiply it by attracting private investment. Give us a dollar, and we turn it into three more.” A national green bank would allow smaller banks like the MCGB to think more ambitiously, said Deyo, who is especially happy the fund includes money for technical assistance: hiring a workforce to go out into the community to talk with home and business owners about clean energy opportunities. “Obviously, we’re excited. You do your work based on what you have. This opens up a whole new resource to scale up and amplify,” he said.
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