By Keith Loria, Commercial Observer
During Infrastructure Week in Washington, D.C., this week, Mayor Muriel Bowser announced that DC Green Bank, a publicly funded bank, has committed $7.5 million to community and residential solar projects across the city.
As part of its new commitments, a $7 million loan was provided to PosiGen, which will provide solar energy at no cost to low- and moderate-income (LMI) residents. The loan will unlock funding for the construction of up to 3,000 kilowatts of solar capacity on approximately 320 homes across the District in Wards 1, 4, 5, 7, and 8.
A second $530,000 loan was provided to Uprise Electric to deliver community solar serving 15 residential projects under Solar for All, a program of D.C.’s Department of Energy & Environment (DOEE).
“Partnering with PosiGen, a nationally recognized expert in solar and efficiency finance for low- and moderate-income homeowners, allows us to leverage their experience and scale to support our local solar developers,” Eli Hopson, CEO of DC Green Bank, told Commercial Observer. “By providing financing to Uprise Electric, we are able to invest directly into a local solar developer that is seeking to expand their solar footprint in the district and bring clean and renewable energy to LMI residents and communities.”