Maryland
Climate Access Fund
GREEN BANK FEATURES
Bank Model
Private/Non-profit
Bank Scope
Statewide
Year Est.
2017
Political Landscape
Democratic-Divided Government
Initial Funding
Private Grant
Implement. Process?
New Instit.
The Climate Access Fund (CAF), incorporated as a nonprofit organization in Baltimore, Maryland at the end of 2017. "The state’s third green bank, the Baltimore-based Climate Access Fund, is different from the other two in many significant ways — including the fact that it wasn't created by government. It’s a pure up-from-the-ground nonprofit designed to bring solar energy installations into low income neighborhoods and lower residents’ utility bills. But it’s like a green bank because it attempts to merge government and charitable revenues with private sector funds to pay for projects that reduce greenhouse gas emissions.“We’re a very unusual green bank,” said Lynn Heller, Climate Access"
N/A
Yes
Reporting
More Info
Offers attractive financial products to solar developers who offer discounted community solar rates to low- to moderate-income households; Develops rooftop/infill community solar projects located in lower-wealth communities in Baltimore and across Maryland; and Advocates for clean energy policies that benefit lower-income and disadvantaged communities.
FOCUS
In collaborating with Maryland Energy Administration, they are able to offer two different financial products that can incentivize solar energy investments in LMI households. Work in partnership with nonprofits to identify projects and expand solar deployment in LMI communities.
APPROACH
1.Financing for Developers: offers two financial products to community solar developers who offer meaningfully discounted solar energy to low- to moderate-income (“LMI”) households: Solar Bill Guaranty — Through the generous support of the Maryland Energy Administration, CAF offers a “solar bill guaranty” to backstop the solar electricity bills of participating LMI customers. AND Low-Cost Financing — CAF offers debt with attractive terms to help finance LMI-focused community solar projects. 2.Community Solar Projects: In partnership with Solar 4Us, develops rooftop/infill LMI community solar projects in Baltimore and across Maryland. 3.Advocacy for Community Solar: advocates for statewide policies and regulations that bring more community solar to lower-wealth and disadvantaged communities. CAF originated a bill being considered in the Maryland General Assembly’s 2022 Session that would exempt from personal property tax community solar projects which provide more than 50% of their power to LMI customers - and are located on rooftops, parking lots, or brownfields - thereby creating an incentive for more of these targeted projects to be developed.
GOALS
All Marylanders, regardless of level of wealth or income, will have equitable access to the social, economic, and environmental benefits of clean energy through discounted solar electricity, shared ownership of solar projects, and job participation.
PRODUCTS AND PORTFOLIO
WEBSITE: Click Here HQ ADDRESS: 930 Kehrs Mill Road, Ste. 320 Ballwin, Missouri 63011 EMAIL: info@climateaccessfund.org PHONE: 866-554-4083 FACEBOOK: Yes LINKEDIN: Yes TWITTER: Yes INSTAGRAM: Yes TIKTOK: No NEWSLETTER:No BLOG: No YOUTUBE: No
CONTACT INFORMATION
The state of Maryland has 3 green banks!
