Coalition for Green Capital and Rewiring America Outline “Rewiring Communities” Program That Leverages Green Bank Model to Ensure Communities Everywhere Benefit
Over 90% of Program Funds Would Benefit Low- and Moderate-Income Households
WASHINGTON—A new report released today by the Coalition for Green Capital, which is driving the campaign for the national green bank that’s backed by both President Biden and leaders in Congress, and Rewiring America, a leading advocate of decarbonization through electrification, finds a national green bank would create 700,000 new jobs and drive energy savings for 12 million American households by 2030. Critically, the report, “Rewiring Communities,” lays out a specific plan for more than 90% of green bank funds to benefit low- and moderate-income households, bringing the economic, environmental and health benefits of electrification to families who need them most.
The White House today issued a fact sheet on the administration’s commitment to creating good-paying, union jobs in building electrification and energy efficiency, citing Rewiring Communities and the impact of the Clean Energy Accelerator as laid out in the plan.
Rewiring Communities “has the potential between now and 2030 to secure energy bill savings of up to $750 per year for nearly 12 million American households,” of which 75 percent are low- and moderate-income, and “at the same time creating over nearly 700,000 jobs and driving down household greenhouse gas emissions by nearly 40 megatons a year.”
“Few people spend much time thinking about the heating equipment in their basements. That’s probably as it should be, but it comes at a cost, both to them and to the climate,” said Adam Zurofsky, senior policy advisor for Rewiring America. “What this plan shows is that if we meet people where they are, team up with trusted local partners, and deploy financial flexibility, we can deliver meaningful savings and job opportunities to those families who are hurting the most, all the while slashing emissions and putting the United States on the path to meeting the ambitious, but necessary, climate goals set by President Biden.”
“Twenty-one state and local green banks have used less than $2 billion in public funds to cause over $7 billion of investment,” said Jeffrey Schub, executive director of the Coalition for Green Capital. “Many green banks already target their investments for disadvantaged communities. The Accelerator as a national green bank would similarly be empowered to target investments for communities most in need. It will have the flexibility to pilot innovative approaches, and this report shows what can be done in the household electrification market if Congress passes this bipartisan Accelerator legislation.”
The report specifically evaluates the benefits of household electrification for low-income families, and proposes a programmatic approach to deploy capital through the Accelerator in partnership with participating communities to support up to 12 million projects. Accelerator capital would join up with private co-investment to support local employment, help form new business capacity, and install necessary electrical equipment that will reduce the heavy energy cost and health burdens faced by many low-income homes in America currently relying on fossil fuels.
The plan also calls for communities to work in partnership to streamline processes and engage with households “at the kitchen table.” Under the plan, no household would have to come “out of pocket” to realize the economic, environmental, and health benefits of electrification.
Read the full report and fact sheet here.
About Rewiring America
Rewiring America (@RewiringAmerica) is a growing nonprofit, working to launch a movement that electrifies everything, starting with our 121 million households. We are motivated by this: 90 percent of all emissions in the U.S. are energy related and 42 percent of those energy emissions come from the decisions we make in our homes: how we heat our air and water, cook our food and dry our clothes, and what kind of cars we drive. Through accurate, accessible, and actionable data and storytelling tools and smart and inclusive advocacy and partnerships that will transform the market, Rewiring America aims to achieve America’s emissions goals, improve our health, lower monthly bills, and create millions of clean energy jobs.
About the Coalition for Green Capital
The Coalition for Green Capital (@CGreenCapital) is a non-profit with a mission to halt climate change by accelerating investment in clean energy technologies and by advocating for, creating and implementing green bank institutions. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state and local level in the U.S. and in countries around the world.