Solar Archives - Page 2 of 2 - Inclusive Prosperity Capital

$12M Loan to High-Impact Residential Solar Provider PosiGen, Catalyzing the Energy Transition in Lower-Income American Communities

Inclusive Prosperity Capital recently partnered with the Connecticut Green Bank and ImpactAssets to extend a catalytic $12 million bridge loan to PosiGen, the nation’s leading residential solar and energy efficiency provider for low-to-moderate income (LMI) homeowners, instantly boosting their cash flow and enabling the immediate deployment of solar and energy efficiency upgrades in LMI communities. The loan provides short-term liquidity against the to-be-realized value of low-income Investment Tax Credit adders under the Inflation Reduction Act. “IPC is thrilled to partner with the Connecticut Green Bank and ImpactAssets to support PosiGen with tax credit bridge financing, unlocking capital right now to the benefit of families suffering high energy burdens,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “This type of creative structuring for an innovative leader like PosiGen is exactly what is needed to ensure no one is left behind in the clean energy transition.” Read the full announcement

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Smart-E Loan GGRF Solar for All Webinar

News & Events

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

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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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Amalgamated Bank Announces $15 million Loan for Decarbonization and Climate Resilience Initiatives

News & Events

Inclusive Prosperity Capital (IPC) has received a loan for $15 million from mission-aligned partner Amalgamated Bank to expand its work in underserved communities and markets across the country. A subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) Amalgamated Bank is a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social and environmental change. “IPC’s partnership with a forward-thinking financial institution like Amalgamated Bank is an important step in our continued growth. IPC is excited to begin deploying Amalgamated’s capital with our programs and partners to accelerate decarbonization and address climate injustices. Partnerships like those with Amalgamated make it possible to open markets and investment channels that make the built environment more resilient for everyone – the core mission of IPC,” said Kerry O’Neil, CEO, Inclusive Prosperity Capital. With the historic passage of the Inflation Reduction Act in the Senate (congratulations and thank you Senators!), including funding for a national climate bank with significant resources for low-income and disadvantaged communities, IPC is ready to scale up. As Joe Evans of Kresge Foundation said about the Amalgamated Bank loan , “…IPC provides a core piece of green banking infrastructure, bringing important project capital, technical expertise, products other community lenders can leverage…” Thank you Amalgamated for your investment and Kresge for risk mitigation support. The partnership with Amalgamated Bank and other funders like Kresge Foundation means we’re ready to get to work with all of you! Follow this link to read the article. For project inquiries contact us here.

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Solar Power to Provide Savings to East Windsor Housing Authority

News & Events

The Housing Authority will save more than $130,000 in avoided energy costs over 20 years Photos provided by Laura Scyocurka East Windsor, CT (Oct. 12, 2021) – The Connecticut Green Bank announces the installation of a 39.6 kW solar photovoltaic system at Park Hill, a housing complex owned by the East Windsor Housing Authority. The low income, elderly and non-elderly property is comprised of 84 garden style apartments, three laundry rooms, and large community hall/office building. The Housing Authority has agreed to a 20-year power purchase agreement (PPA) in which they buy the electricity generated by the system at a fixed reduced cost. The PPA will save the Housing Authority approximately $130,000 on their electricity costs over the agreement term. “It was a pleasure to work with the Green Bank on our solar project. The staff was very professional and efficient with the entire process including the coordination with the installation of the panels by Green Earth Roofing Solutions, who I would also recommend. The cost savings on our electric bill will certainly be beneficial to the Housing Authority and the residents we serve,” Linda Collins, Executive Director of the East Windsor Housing Authority. “A power purchase agreement (PPA) works well for properties like a housing authority that cannot monetize the investment tax credits offered by the federal government,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “The PPA model allows the housing authority to harness all the energy and cost savings benefits of solar energy.” Inclusive Prosperity Capital (IPC), a non-profit, partners with Green Bank to own and maintain the system. IPC offers the PPA to multifamily, non-profit, and municipal customers outside Connecticut.

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East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy Demand

News & Events

Original Release: NYPA solar pr rel Aug 25 2021 TOWN OF EAST HAMPTON159 Pantigo RoadEast Hampton, New York 11937PETER VAN SCOYOC (631) 324-4140Supervisor pvanscoyoc@ehamptonny.govFOR IMMEDIATE RELEASEAugust 25, 2021 East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy DemandTown collaborates with New York Power Authority to install rooftop system on Parks Department building East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy Demand Town collaborates with New York Power Authority to install rooftop system on Parks Department building East Hampton Town’s first solar-plus-battery storage system is being installed on the roof of the Parks Department building at the Town Hall campus at 159 Pantigo Road in East Hampton. The 75-kilowatt solar PV (photovoltaic) system will generate clean, renewable power and charge a 137 kilowatt-hour battery that will allow the Town to sell excess power to the grid when demand and prices are at their peak. The Town, in collaboration with the New York Power Authority (NYPA), selected New York-based Solar Liberty and its financing partner on the project, Inclusive Prosperity Capital, through a competitive process to develop the solar-plus-battery storage system. NYPA recommended the system’s installation as part of East Hampton’s ongoing efforts to move toward a 100 percent renewable energy goal. The project also supports New York State’s aggressive solar and energy storage targets to fight climate change, which include the state generating 70 percent of its electricity from renewable sources by 2030. Other East Hampton Town buildings were also considered for solar and energy storage, but it was determined that the Parks Department was the best candidate for an immediate installation. This will be the first solar-plus-battery storage system installed at a town facility. Solar panels are already producing power at the Montauk police precinct and at the Lamb building shared by the East Hampton Office of Housing and Community Development and Town Trustees in Amagansett. “Not only will this project reduce carbon emissions and make the Town Hall campus more resilient, it is also estimated to save taxpayers at least $10,000 a year between bill credits and reduced electrical costs,” said East Hampton Town Supervisor Peter Van Scoyoc. The solar PV system will be financed through a 20-year Power Purchase Agreement (PPA) with Inclusive Prosperity Capital, with no upfront costs to the town. A PPA also enables the Town to benefit from cost offsets provided by tax credits. The battery was added at no cost to the Town through support from NYPA.“NYPA is proud to partner with the Town of East Hampton to help achieve its ambitious renewable energy goals,” said NYPA President and CEO Gil C. Quiniones. “This significant solar and storage solution illustrates the potential for energy and financial savings for public facilities and will lead the way for other municipalities.” It’s estimated that the power produced by the solar PV system in one year avoids the amount of emissions produced by the consumption of 7,000 gallons of gasoline, burning 68,000 pounds of coal, or the annual electricity usage of 11 homes. This project will expand the Town’s current solar portfolio, which in addition to the solar PV systems on the Lamb building and the Montauk police precinct includes the independently operated Accabonac solar farm and the Town’s Solarize East Hampton campaign, which offers discounts to residents and local businesses on solar installations. Visit EnergizeEH.org for more information.

East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy Demand Read More »

Clean Energy States Alliance Launches Major Initiative to Advance Solar in Under-Resourced Communities

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US Department of Energy Funds CESA’s Efforts to Scale Up Solar for Low-and Moderate-Income Households Montpelier, VT (October 3, 2019) – The Clean Energy States Alliance (CESA) will lead a wide-ranging initiative to accelerate the development of solar projects that benefit low-and-moderate-income (LMI) households and communities. The “Scaling Up Solar for Under-Resourced Communities Project” is being supported by a three-year funding award of $1.1 million from the US Department of Energy Solar Energy Technologies Office. The project team will focus on three distinct subsets of the LMI solar market: single-family homes, manufactured homes, and multifamily affordable housing. For the single-family homes component of the initiative, CESA will work with Connecticut Green Bank, Inclusive Prosperity Capital, Lawrence Berkeley National Laboratory, and PosiGen Solar to evaluate and promote a successful initiative that has brought solar to more than 2,500 Connecticut single-family homes, most of which are LMI. State agencies from across the country will be given the opportunity to join a working group where they will receive technical assistance and other support to consider adopting similar programs for their states. For manufactured homes, CESA, with assistance from representatives of the New Mexico Energy Conservation and Management Division, will examine the potential for using solar to power manufactured homes in different states, based on their housing stock, solar policies, geography, and the applicability of different possible technologies. State government agencies, rural electric cooperatives, municipal utilities, and other stakeholders will be encouraged to join a learning network to explore the potential for launching a pilot project or program for manufactured homes. The multifamily affordable housing component of the project will build on work carried out by Clean Energy Group (CEG) in conjunction with the Kresge Foundation. CEG and CESA will work with housing developers/owners and community development lenders to replicate and expand loan guarantee and other foundation program-related investment (PRI) models for solar and solar plus battery storage (solar+storage) projects for multifamily affordable housing. Principal objectives will be to increase community resilience and reduce energy costs for low-income households. CESA has worked actively on LMI solar more than five years. CESA Executive Director Warren Leon remarks that: “CESA is committed to helping state governments and other stakeholders implement solar in ways that provide meaningful benefits to under-resourced communities. The new grant from the US DOE solar office will enable us to significantly expand our outreach and assistance.” To carry out the new initiative and other work CESA is engaged in related to solar for LMI communities, two talented individuals with strong experience working on this topic have been added to the CESA staff. CESA Project Director Nicole Hernandez Hammer is a well-known environmental justice advocate, climate change expert, and sea-level researcher. A Guatemalan immigrant, she has worked to address the disproportionate impacts of climate change on under-resourced communities across the US. For the past year, she has been a consultant to the Rhode Island Office of Energy Resources, working primarily with community groups on LMI solar. She was a climate science and community advocate at the Union of Concerned Scientists and assistant director of the Florida Center for Environmental Studies, among other positions. She was recently recognized by NBC as one of the #NBCLatino20. Laura Schieb, CESA project associate, earned a JD at Vermont Law School, as well as an LLM in Energy Law with a Certificate in Climate Law. While at the law school, she was employed as a Global Energy Law Fellow, implementing projects at the Energy Law Clinic, including leading a team preparing a report on low-income solar ownership in Vermont. To learn about or to sign up for updates about the new Scaling Up Solar for Under-Resourced Communities Project, go to www.cesa.org/projects/low-income-clean-energy/scaling-up-lmi-solar/. ### About the Clean Energy States Alliance The Clean Energy States Alliance (CESA) is a national nonprofit coalition of public agencies and organizations working together to advance clean energy. CESA members—mostly state agencies—include many of the most innovative, successful, and influential public funders of clean energy initiatives in the country. CESA facilitates information sharing, provides technical assistance, coordinates multi-state collaborative projects, and communicates the achievements of its members. For more information, visit www.cesa.org. About the Solar Energy Technologies Office The US Department of Energy Solar Energy Technologies Office supports early-stage research and development to improve the affordability, reliability, and performance of solar technologies on the grid. Learn more at energy.gov/solar-office.

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