Smart-E Archives - Inclusive Prosperity Capital

Smart-E Loan GGRF Solar for All Webinar

Registration is open! Join us on July 25th to discover how Inclusive Prosperity Capital’s Smart-E Loan Program can bolster your GGRF Solar For All applications! Our CEO, Kerry O’Neill, and Madeline Priest, our National Director of the Smart-E Loan Program, will be sharing tools and strategies aimed at strengthening your applications. During this interactive webinar, you will: -Get a refresher on Smart-E. -Gain insights into our Smart-E national expansion efforts. -Learn how Smart-E can amplify your campaigns by leveraging Solar For All funds to drive more solar, storage, and enabling upgrades. By attending, you’ll walk away with: -Proven campaign strategies to enhance your Solar For All application. -A ready-to-use letter of support template. -An interest rate buydown tool. Register here: https://lnkd.in/ehmmMUhc Can’t make it to the live session? The webinar will be recorded for your convenience. Register now to secure your spot and receive access to the recording along with any follow-up materials. Learn more about Smart-E

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Inclusiv Center for Resilience & Clean Energy Expanding ‘Smart E-Loan’ Program to 3 States

News & Events

NEW YORK–The Inclusiv Center for Resiliency and Clean Energy and Inclusive Prosperity Capital (IPC) have partnered to expand the “Smart-E Loan,” IPC’s national residential green lending program, to New Mexico, Arizona, and Texas, according to the organizations. Inclusiv said the expansion is being made possible due to philanthropic support from The Wells Fargo Foundation and the Community Investment Guarantee Pool. To mark the partnership, the organizations said Guadalupe Credit Union in Santa Fe will host a Home Energy Earth Day Celebration for local community-based lenders, home energy contractors, and local homeowners at its airport branch. “The Smart-E Loan connects local community-led lenders with a network of vetted and approved contractors to help homeowners, including low- and moderate-income (LMI) homeowners, finance and implement home energy and water efficiency, clean energy, and climate resiliency projects,” The Inclusiv Center said. “The program helps homeowners save on utility bills by financing home improvements via flexible, low-interest loans and strong consumer protections.” More Than $540M in Improvements The organizations noted that since 2009, Connecticut, Michigan, and Colorado have been offering the Smart-E Loan and similar products, and that more than 44,000 homeowners across the three states have made more than $540 million worth of home improvements that reduced energy bills and “helped to make their homes more comfortable.” “We’re seeing demand nationwide for a financing solution that will allow homeowners to afford the more energy efficient and green choice for their home,” said Kerry O’Neill, CEO at Inclusive Prosperity Capital. “This loan program also helps local businesses grow by giving contractors access to community lenders that help them serve even more customers. We’re thrilled to bring the Smart-E Loan’s affordable solution to communities across New Mexico, building on years of experience and success working with local lenders, contractors, and homeowners (in other states).” A ‘Burgeoning Field’ The Inclusiv Center for Resiliency and Clean Energy said it leads the burgeoning field of community-based finance for climate action. “The Center drives affordable financing to rural, Tribal, environmental justice, and energy communities to help grow local cleantech markets and reduce greenhouse gas emissions,” the organization stated. Inclusiv, in partnership with the Center for Impact Finance at University of New Hampshire’s Carsey School of Public Policy (UNH), said it runs a robust training program and network for community-based lenders – including Community Development Credit Unions (CDCUs), Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and community development banks – that are driving equitable decarbonization across the country. “The lenders that the Inclusiv Center for Resiliency and Clean Energy supports have transformed access to clean energy and energy efficiency in LMI and BIPOC communities, particularly in areas that lack local support for climate action,” the organization said. “In just over two years, this training program has guided close to 200 community-based financial institutions across the U.S. to develop affordable financing for decarbonization and nearly 400 credit unions across the country already offer dedicated green loan products. A sample of just 73 of these lenders reported investing over $2.24 billion in green loans in the past 2-4 years, including financing solar installations to serve almost 20,000 households.” According to the organizations, many of these same community lenders are using the Smart-E Loan program to reach LMI homeowners and communities historically marginalized by the financial system. ‘Building Financial Empowerment’ “Guadalupe Credit Union, a CDFI and MDI that is building financial empowerment in Santa Fe and Northern New Mexico, will fulfill this mission by offering the Smart-E Loan to homeowners of color and immigrant homeowners, who have limited access to safe and affordable loans,” the Inclusiv Center said. “In addition to the climate benefits of reducing greenhouse gas emissions, the program can help lower homeowners’ energy bills, increase their financial well-being, and may even increase their property values.” The Inclusiv Center for Resiliency and Clean Energy and Inclusive Prosperity Capital said they are partnering with local groups in New Mexico that include the Credit Union Association of New Mexico, New Mexico Renewable Energy Industries Association, the Santa Fe Chamber of Commerce, the City of Santa Fe and others to bring the Smart-E Loan to the state. ‘Important Step Forward’ “This collaborative pilot to bring the Smart-E Loan program to New Mexico is an important step forward in expanding access to affordable green loans nationwide through innovative green lending platforms,” said Cathie Mahon, president/CEO, Inclusiv. “The lessons learned in New Mexico will help our organizations build credit unions’ green lending capacity nationally,” Link to article

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$2.5 million, 12+ year guarantee will expand IPC’s Smart-E Residential Green Lending Program

News & Events

CIGP Closes Multimillion Dollar Guarantee to Inclusive Prosperity Capital (“IPC”) to Expand Residential Green Lending to Low/Moderate-Income and BIPOC Homeowners The $2.5 million, 12+ year guarantee will expand IPC’s Smart-E Residential Green Lending Program January 23, 2023 – In late December 2022, Community Investment Guarantee Pool (“CIGP”) announced the issuance of a $2.5 million, 12+ year guarantee to expand Inclusive Prosperity Capital Inc.’s (“IPC”) Smart-E Residential Green Lending Program (“Smart-E Program” or “Program”) and to demonstrate that unsecured residential green lending to predominantly low/moderate-income and/or Black, Indigenous, People of Color (BIPOC) homeowners can be a successful business line for credit unions and other community lenders. CIGP’s guarantee will start at $1 million and expand to $2.5 million as the Smart-E program ramps up. IPC projects that CIGP’s guarantee will ultimately credit enhance nearly 2,000 Smart-E loans over the next four years, totaling about $24 million. The Smart-E Program creates greater access to the residential clean energy and energy efficiency marketplace for community-based lenders, local contractors, and low- and moderate-income (LMI) homeowners through a comprehensive program that includes:• Loan product and process standardization• Online project management tool (called NGEN)• Contractor screening and oversight. “We are thrilled to be able to leverage CIGP’s guarantee to bring our Smart-E Program to more communities of color and low and moderate-income homeowners,” said Kerry O’Neill, IPC’s CEO. “CIGP’s support has allowed us to launch our Smart-E national expansion and reflects IPC’s belief that everyone should have access to the benefits of clean energy and resilience, especially those who have been most impacted by climate change and historically have not been well served by traditional lending.” “Partnering with IPC and community development credit unions to enable low-income and BIPOC homeowners to make green upgrades demonstrates the catalytic value of CIGP’s guarantees for climate equity,” said Jim Baek, CIGP’s Executive Director. He added, “As investments in sustainability accelerate with the enactment of new federal programs, we’re hopeful that initiatives like Smart-E provide the road map and market insights needed to facilitate a just green transition.” “Inclusiv is proud to connect high-impact credit union lenders with the Smart-E program that will dramatically expand clean energy and energy efficiency lending to low- and moderate-income people and households,” said Cathie Mahon, President/CEO, Inclusiv. The model for the Smart-E Program operates in three states (Connecticut, Michigan, and Colorado) with 18 active lenders participating. Approved contractors offer 40 different green upgrades, including solar, energy efficiency, HVAC, and more. To date, $500 million in these unsecured loans have been originated, helping over 35,000 homeowners, 45% of whom are LMI. IPC is now partnering with Inclusiv, the largest membership organization for Community Development Credit Unions (CDCU), and the University of New Hampshire (UNH), as a data and training resource, to expand the Smart-E platform nationally. This expansion is starting in New Mexico, Arizona, and Texas where Inclusiv has 40 CDCU members and another 55 credit unions that are part of its Center for Resiliency and Clean Energy network. These 95 credit unions serve 5.6 million members in the three states with the CDCUs primarily serving LMI and/or BIPOC communities. Nationally, Inclusiv’s network of credit unions serves over 18 million members in various LMI urban, rural, and reservation-based communities and represents over $261 billion of community-controlled assets. The Smart-E Loans are unsecured, and CIGP will only backstop loans to borrowers with FICO credit scores below 720. If successful, CIGP’s guarantee will demonstrate the degree to which unsecured consumer green lending can be made to a broader set of homeowners beyond the current market focus on higher income borrowers. While green lending in the US is still primarily focused on upper- and upper-middle-income, largely white, borrowers, IPC’s national expansion of the Smart-E Program, starting in the Southwest, is designed to “democratize” access to green loans; at least 50% of CIGP backed Smart-E loans are expected to be to LMI and BIPOC households. In addition to yielding climate benefits from the reduced use of fossil fuels, successful Smart-E installations will lower energy bills, increasing housing stability and property values for homeowners. About CIGP The Community Investment Guarantee Pool (CIGP) is a financing tool launched in December 2019 by impact investing organizations to create a pooled commitment of financial guarantees for intermediaries in affordable housing, small business and climate finance. CIGP accelerates community investments by more fully leveraging philanthropic balance sheets for mission. The initial guarantors that helped make CIGP possible are The Kresge Foundation, The Annie E. Casey Foundation, The California Endowment, Chan Zuckerberg Initiative, Common Spirit Health, Gary Community Investments, Jessie Ball duPont Fund, Phillips Foundation, Seattle Foundation, Virginia Community Capital, and Weingart Foundation. Since launch, the Robert Wood Johnson Foundation, Arnold Ventures, Winthrop Rockefeller Foundation, the California Wellness Foundation and the Sierra Club Foundation have also joined as guarantors. Learn more about CIGP by watching this short video produced by The Kresge Foundation. About LOCUS Impact Investing LOCUS serves as program manager for the Community Investment Guarantee Pool. LOCUS is a national non-profit consulting organization and registered investment advisor that works with foundations and mission-driven investors wherever they are on their local impact investing journey to help them create lasting, meaningful change in their communities. LOCUS partners with mission-driven institutions to unlock more of their assets and deploy dollars to catalyze equitable economic development and make community-informed investments guided by innovative, effective and equitable practices. LOCUS is a wholly owned subsidiary of the non-profit, VCC Social Enterprises. For more information about LOCUS visit: https://locusimpactinvesting.org/. About Inclusive Prosperity Capital (IPC)Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment fund scaling clean energy financing solutions that channels investment capital to program partners in communities that need it most. As a spin-out and strategic partner of the Connecticut Green Bank, IPC is focused on scaling and expanding its successful model nationwide by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. Link to article

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