(Washington, D.C.) – DC Green Bank and Copernican Energy today are pleased to announce the closing of a $500,000 construction-to-permanent loan to support a 191 kW residential solar project portfolio. This investment will provide solar energy to approximately 23 low- to moderate- income (LMI) households, with over 90% of the beneficiaries located in Wards 7 and 8. The solar panels are projected to eliminate 3,252 metric tons of greenhouse gas emissions over 20 years, equivalent to the emissions from 365,928 gallons of gasoline or 3,642,741 pounds of coal burned. In addition to the environmental benefits, residents will experience a minimum 50% reduction in household utility bills.
“This project supports Mayor Bowser’s goal to create clean energy jobs and make affordable solar energy accessible to all District communities,” said Trisha Miller, Chief Executive Officer at DC Green Bank. “We know when we invest in emerging developers like Copernican, there are numerous co-benefits – like job creation and lower utility bills – that emerge for communities as well. We are excited to continue to replicate this model with our partners across DC.”
DC Green Bank is committed to creating pathways for emerging developers that deliver renewable clean energy projects to LMI households, supporting our value of inclusive prosperity. This marks Copernican’s second financing request, building on the success of their initial construction-to-permanent loan. This second investment supports Copernican’s growth as a local small business, expanding their residential solar portfolio and enhancing their ability to support other local developers. Copernican will engage District-based solar installers for the construction of the portfolio of projects, amplifying the local impact of this collaboration.
“We are excited to partner with DC Green Bank to continue to support the growth of renewables by providing no-cost solar to households in low-income neighborhoods across the District,” said Chris Turner, Partner, Copernican. “Through community engagement and support from District entities like DC Green Bank, we know that we can play an important role to help DC achieve its sustainability and inclusive development goals.”
All solar projects in the portfolio are expected to be completed by the end of 2023.
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