Philadelphia
Philadelphia Green Capital Corporation
GREEN BANK FEATURES
Bank Model
Private/Non-Profit
Bank Scope
State & Local
Year Est.
2021
State-wide Political Landscape
Republican-Divided Government
Initial Funding
State/Local Government & Private Grant
New Instit.
Yes
Implement. Process?
City Council created Philadelphia Energy Authority (PEA) (founding ordinance) as an independent municipal authority focused on energy affordability and sustainability who then created PGCC the green bank affiliate (2021) of PEA, to support the Philadelphia Energy Campaign and amplifies PEA’s impact.
Reporting
More Info
In 2016, through the leadership of City Council President Darrell Clarke, PEA launched the Philadelphia Energy Campaign to create 10,000 jobs, invest $1 billion in clean energy and energy efficiency projects, strengthen communities, cut energy bills, and reduce the City’s carbon footprint. PGCC will support PEA’s programs and generate $250 million of investment in support of the Philadelphia Energy Campaign.
Provides low-cost financing options for energy efficiency and renewable energy projects in the Philadelphia region for LMI multifamily properties and community-based non-profit organizations as well as financing for pre-development and development projects.
FOCUS
Supports Philadelphia Energy Authority clean energy adoption initiatives and engages property managers, owners, and developers, and contractors to provide market education about these loan products, as well as providing assistance to identify eligible projects and preparing loan applications. They also collaborate with other green banks to unlock access to additional capital throughout the greater philadelphia area and into surrounding regions.
APPROACH
The Philadelphia Green Capital Corp. connects projects to capital (public, private, and philanthropic) to drive a robust, equitable clean energy market in Philadelphia, support the Philadelphia Energy Authority, and respond to the local challenges of climate change.
GOALS
Products Offered: Navigator Pre-Development Loan: provides an unsecured line of credit to finance pre-development energy projects in non-profit and multifamily properties. Catalyst Term Loan: provides unsecured financing for low- and moderate-income (LMI) multifamily properties and community-based non-profit organizations, which can be used for energy efficiency or renewable energy projects, performance monitoring and verification, and remediation for health and safety. Share the Sun: uses donated Solar Renewable Energy Credits (SRECs) to support solar installations for low- and moderate-income communities and homes in Philadelphia. Solarize Philly: helps commercial & residential customers in Philadelphia go solar. Commercial Property-Assessed Clean Energy (C-PACE): a financing tool that allows commercial property owners to borrow money for energy efficiency, water conservation & renewable energy projects. Built to Last: PGCC facilitates the closing of monetary gaps to restore homes and ensuring affordability for LI (Low Income) communities. Built to last coordinates housing repair programs and layers on sustainable and resilient technologies to further future-proof homes. Built to last improves the long-term quality of Philadelphia’s housing, builds community wealth, and helps families avoid displacement and stay in their homes.
PRODUCTS AND PORTFOLIO
CONTACT INFORMATION