The Efficiency Maine Green Bank proudly announces that it will receive approximately $15 million to support energy loans through a grant from the U.S. EPA’s National Clean Investment Fund (NCIF), an initiative of the Inflation Reduction Act’s Greenhouse Gas Reduction Fund. Efficiency Maine is a sub-awardee under an application submitted by the Coalition for Green Capital (CGC), which is one of three winners of NCIF funds (https://bit.ly/EPACleanEnergyGrants).

Background:

Since 2010, Efficiency Maine has offered loans as part of its portfolio of programs to support Maine consumers making energy efficiency improvements to their homes and businesses. In recent years, the Maine legislature has expanded the authority of the Efficiency Maine Green Bank to provide more financing support for the “rapid deployment of mature technologies and the commercialization and scaling of new technologies” that will help Maine consumers improve their energy efficiency and reduce their greenhouse gas emissions. With the promise of new capital from the U.S. EPA’s Greenhouse Gas Reduction Fund, the Efficiency Maine Green Bank intends to expand its loan and lease offerings across a broader range of homeowners, small businesses, commercial properties, schools, and municipalities.

The CGC, doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental impacts. Green banks are a proven finance model that use public and philanthropic funds to stimulate private investment in renewable energy, energy efficiency, and other decarbonization technologies. Since 2011, the CGC has supported or created more than 40 green banks and has developed a pipeline of qualified projects in low-income and disadvantaged communities. For more information, visit https://coalitionforgreencapital.com.

James Neal, Senior Manager for Finance Initiatives at Efficiency Maine said, “The Efficiency Maine Green Bank is grateful for and excited about the opportunities that this generous National Clean Investment Fund grant will provide. These funds will enable the Efficiency Maine Green Bank to offer loans for heat pump projects that will reduce Maine’s dependence on imported fuels and lower heating bills in homes and businesses across the state. These loans will be strategically deployed to complement the pioneering rebate programs offered by Efficiency Maine to help Mainers maintain efficiency and reduce their carbon footprint while staying warm throughout cold Maine winters. The Greenhouse Gas Reduction Fund will have a real and tangible positive effect on the lives of Mainers.”