“Five years ago, when Clauditta Curson became a first-time homebuyer, she was shocked by the “astronomical” utility bills she received for her 1,200-square-foot house. The 60-year-old adult daycare aide in Hamden, Connecticut, turned to the Connecticut Green Bank (CBG), the oldest such bank in the country.
The bank was financing solar panel installations with no upfront costs and fixed monthly lease payments. Once Curson’s panels were installed, her utility bills fell from about $150 a month to $74. “When I got my first bill I said, ‘Oh my gosh!’” she remembered. “Economically, it’s been very beneficial.”
Expanding access to these kinds of upgrades will be necessary to meet US climate goals, which include achieving a net-zero electric grid by 2035. One major barrier to low-income households like Curson’s is the cost of a solar installation, which, on average, runs between $13,000 and $17,000. The program enabled by CGB allows homeowners to benefit from rooftop solar energy savings without actually having to purchase the panels — instead leasing them at a fixed rate.
Founded in 2011, the Connecticut Green Bank is a quasi-public fund (chartered by the state but run by a board) created to invest in green energy projects that traditional lenders might shy away from. It has financed more than $120 million in green updates — solar panel installation, weatherization, appliance replacements and asbestos remediation — in 63,000 homes across the state and is one of 22 such funds across the country.
These funds are about to get a major windfall. The Inflation Reduction Act set aside $27 billion to create a national green bank, expanding access to funds like CBG’s.
A national green bank has the potential to transform America’s electrical grid — and do so in a way that makes green energy more accessible to lower-income households, said Adam Kent, a senior advisor at the Natural Resources Defense Council.
“This isn’t just loans; it’s technical assistance and capacity-building. It’s creating the workforce that can execute the projects we need: solar installers, contractors who know what they’re doing when they retrofit a house,” Kent said.
Trying to figure out the true impact of $27 billion is a “brain-exploding” exercise, he said, arguing that the money is best thought of as a long-overdue downpayment. “[The Fund] will catalyze far more than $27 billion in investment.”
The fund will be administered by the Environmental Protection Agency, which has until February to begin distributing dollars toward green energy projects. About $15 billion of that fund is set aside for low-income and disadvantaged communities and projects traditional lenders generally deem too small or too risky to finance. A company purchasing a fleet of electric vehicles, for instance, or the installation of solar panels on a school in a low-income area.
“Green banks can mobilize investments in areas where they’re not happening,” Garcia said. “In Connecticut, we want to see low-income communities become more efficient and reduce the burden of energy costs at the same time.”
The idea for a national green bank isn’t new; advocates have been pushing the idea in Congress since 2009. Japan, Australia and South Africa already have national green banks. In the UK, a green bank helped to catalyze that country’s offshore wind boom.
In the United States, local green banks have been quietly investing in green energy projects in their communities for more than a decade...
Deyo said that 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.”
In the case of MCGB [Montgomery County Green Bank], some of that capital comes in the form of $20 million from the county’s energy tax. MCGB then “multiplies” those funds by finding grants, offering incentives to local contractors, or co-lending with local, private banks to facilitate small but impactful projects like installing energy-efficient heat pumps in area homes, solar panels on community churches or electric vehicle charging stations in condo parking lots.
A national green bank would allow smaller banks like 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.” -via Reasons to Be Cheerful, 12/12/22
44 notes
·
View notes
you know whats never helpful??? and i truly mean never, its giving "advice" to poor ppl who are crowdfunding
its never been helpful, like seriously never
yall be tellin us shit we already know, shit we already do, shit we already though off but dont work for us
i get that people want to be helpful, i doo too, but the most help u can give ppl cfunding is money and if u dont have that then sharing a post is just enough
i promise your advice isnt going to save someone from medical debt!!! your advice isnt regularly feeding a family!!! your advice isnt putting gas in the tank, its not putting clothes on ppls backs, its not housing unhoused people bruh its not even making us feel better!!!! So please stop giving advice to poor ppl cfunding!!!
either give up a few bucks and/or just quietly share the posts, i promise the advice isnt helping peoples situations
3 notes
·
View notes
SBI Jobs 2024: स्टेट बैंक ऑफ इंडिया ने स्पेशलिस्ट कैडर ऑफिसर 58 पदों पर निकाली भर्ती, यहां पढ़ें पूरी डिटेल
Bank Jobs 2024: स्टेट बैंक ऑफ इंडिया ने विभिन्न स्पेशलिस्ट कैडर ऑफिसर पदों पर भर्ती निकाली है। इस भर्ती प्रक्रिया के जरिए कुल 58 पदों पर भर्ती की जाएगी। आवेदन करने के लिए इच्छुक और योग्य उम्मीदवार को ऑफिशियल वेबसाइट sbi.co.in/web/careers/current-openings पर जाना होगा। आवेदन की प्रक्रिया आज 3 सितंबर से शुरू हुई है और आवेदन करने की आखिरी तारीख 24 सितंबर, 2024 है। उम्मीदवार आवेदन करने से पहले…
0 notes