FOR IMMEDIATE RELEASE
October 19, 2020
DC Green Bank Brings Loan Program for Commercial Energy Efficiency Projects to Washington DC
DC multi-family and commercial building owners and tenants can now take advantage of flexible financing options for their energy efficiency improvements through the Commercial Loan for Energy Efficiency and Renewables (CLEER) Financing program offered by DC Green Bank.
The CLEER Financing program, which Montgomery County Green Bank designed and has already used to support $2 million worth of projects in Montgomery County, provides loans tailored for commercial, multi-family and industrial building owners, as well as commercial and industrial tenants, nonprofits, and common ownership communities seeking to complete a clean energy or energy efficiency project. This includes condominium associations, cooperative housing associations, and homeowner associations.
“We gain so much when we partner together, especially on big challenges like the ones we’re tackling as green banks,” said Montgomery County Green Bank CEO Tom Deyo. “It is great to have worked closely with DC Green Bank to bring the CLEER program into the DC market and create a regional opportunity. We look forward to collaborating on more programs to advance clean energy gains in the region.”
The DC Green Bank Board of Directors recently approved the CLEER Financing program and will partner with neighboring Montgomery County Green Bank to implement it. DC Green Bank will initially offer the CLEER product in partnership with Maryland-based Sandy Spring Bank.
“The work our local green banks do is so important for our region and we’re honored to be financing the CLEER product and partnering with DC Green Bank to expand the program into the District,” said Ken Cook, executive vice president of Commercial Banking at Sandy Spring Bank.
This is DC Green Bank’s first loan offering for commercial and multifamily building owners, commercial and industrial tenants, nonprofits, and common ownership communities. Offering this program is also another step in the District’s strategic plan to reduce greenhouse gas emissions by 50% by 2032.
DC Green Bank CEO Eli Hopson identified regional partnering, in this case with Montgomery County Green Bank, as a meaningful component in reaching the District’s sustainability goals.
“Because of DC’s proximity to Montgomery County, this partnership is a joint effort to create and sustain success regionally,” Hopson said. “We are excited to be working with our neighboring green bank to bring this commercial real estate finance program to the property owners of DC.”
CLEER financing is available in connection with authorized contractors and eligible projects financed through the program must be a minimum of $10,000.
About DC Green Bank
In 2018, DC Mayor Muriel Bowser and the D.C. Council passed legislation creating the Green Finance Authority Establishment Act, commonly referred to as the DC Green Bank. The goal of the DC Green Bank is to accelerate the clean economy by leveraging private investment, removing up-front costs, and increasing the efficiency of public dollars. The DC Green Bank is a critical component of the Clean Energy DC Plan to reduce greenhouse gas emissions by 50% by 2032 and grow D.C.’s clean economy with a focus on inclusive prosperity.