By Tristan Navera, Washington Business Journal
D.C. Green Bank and the Latino Economic Development Center are committing $1 million to help small businesses and community organizations in some of the District’s most underserved neighborhoods make their properties more energy efficient.
The Green Bank will lend $900,000 and LEDC has committed an additional $100,000 to fund “dozens of new solar installations and renewable energy retrofit projects” across Wards 5, 7, and 8, the organizations said in a joint statement.
Loans will range between $25,000 and $250,000 and will be repaid in around 10 years. Eli Hopson, CEO of D.C. Green Bank, said the funding commitment will help keep these kinds of renewable projects going in the face of rising energy and financing costs.
“Renewable energy and energy efficiency projects like those funded through this partnership will deliver immediate utility bill savings, increase cash flow for small businesses and community-serving organizations, and save them money over the long term,” Hopson said in a statement.
The partnership may not end there. Emi Reyes, the CEO of LEDC, said the organizations have discussed teaming up to fund similar projects in the future.