Solar

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

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

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

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.

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

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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