United States Green Bank
- Sep 14, 2022 5:29 pm GMT
Out of the Inflation Reduction Act comes funding for a U.S. Green Bank, modeled after the successful NY Green Bank. We need to scale clean energy projects like community solar and green banks partner with the private sector to finance clean energy projects to get more renewables deployed into our economy. The US Green Bank will nationalize this successful initiative.
The New York green bank helped mitigate those risks by wading through the documentation and contracts involved in the project while also starting to lend out funds at a low interest rate. Those green bank loans established a record of repayment that then made traditional lenders more comfortable with putting their own money toward community solar initiatives, broadening the implementation of such programs.
“The intent of the green bank in New York was to provide financing for these projects where the problem was not the cost of financing, but the availability of financing,” Kauffman said. “There are many community solar projects across the state now. They really benefited from the pioneering role that the green bank took on to establish the market.”
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