Energy Efficiency, Sourcing Renewables - September 22, 2021
Philadelphia Launches Green Bank for Energy Project Financing
Philadelphia residents will soon have access to low-cost financing for energy efficiency and renewable energy projects through the establishment of a non-profit green bank.
The Philadelphia Green Capital Corp. (PGCC) is an affiliate of the Philadelphia Energy Authority (PEA) and will act as a platform for attracting capital and spurring project development in the region. It is estimated that the PGCC will generate $250 million in investment for the Philadelphia Energy Campaign, which aims to invest $1 billion in clean energy projects and support the city’s goal to become carbon neutral by 2050.
“PGCC will bring more public and private capital to our work to ensure a just, equitable clean energy transition,” Emily Schapira, PGCC board president and president and CEO of PEA, said in a statement.
PGCC will offer a “Navigator” Pre-Development loan and a “Catalyst” Term Loan for multifamily and non-profit properties. It will also launch a Solar Renewable Energy Credit Revolving fund for PEA’s low- and moderate-income solar programs, in addition to supporting the Solar Savings Grant Program, with the intention to make solar project installation more attainable.
“The creation of a dedicated green bank for the Philadelphia area marks a turning point for our City,” said Darrell Clarke, Philadelphia City Council president. “Philadelphia is not only embracing a green future but also leading the way to create healthier and more sustainable outcomes for our communities.”