DC Green Bank and PosiGen today announced the closing of a groundbreaking $7,000,000 deal to accelerate the deployment of residential solar across the District for low-to-moderate income (LMI) residents. The loan agreement will unlock funding for the construction of up to 3,000 kW of solar capacity on approximately 320 homes across the District, with the initial slate of installations coming to Wards 1, 4, 5, 7, and 8. The installations are expected to create hundreds of clean economy jobs in the construction phase and generate more than 3,600 MWh of renewable energy on a yearly basis, while avoiding more than 2,500 tons of CO2 equivalent annually – eliminating a comparable amount of emissions each year to an average passenger vehicle driving completely around the circumference of the earth more than 24 times.
Eli Hopson, CEO of DC Green Bank, said of the large-scale deal, “Bringing successful, mission-aligned partners like PosiGen into the District is a big part of why DC Green Bank is leading the way on access to clean, renewable energy for LMI communities. We cannot build a clean and resilient future unless all District residents have access to the benefits, and we are putting up a substantial amount of capital to deliver incredible savings to residents and benefits for the planet.” To date, DC Green Bank has committed more than $12 million to community and residential solar projects across the city.
In addition to this expansive solar portfolio, DC Green Bank and PosiGen are in discussions to pursue financing partnerships in other arenas, particularly on energy efficiency upgrades that bring down utility costs for LMI residents and decrease the environmental impact of building systems and appliances. Ben Healey, Chief Commercial Officer for PosiGen, said of the partnership, “DC Green Bank is an indispensable partner as we expand our impact model to the District. PosiGen was created to serve LMI residents and deliver financial and energy security in every community, and this solar portfolio will be a shining example of the inclusive, clean energy future that we must work together to begin to build immediately.”
Read the Full Release BelowMay-2022-Posigen_DCGB-Press-Release