Growing Network Prepares to Apply for EPA Funding to Deliver Clean Energy Projects in Low and Moderate-Income Communities
Enervee Provides Accessible Financing for Energy-Efficient Appliance
Washington, DC— The Coalition for Green Capital (CGC) today announced the formation of a new strategic partnership with marketplace merchant Enervee. Enervee joins the growing coalition of clean energy lending experts preparing to seek funding from the Environmental Protection Agency’s (EPA) Greenhouse Gas Reduction Fund (GGRF) to launch a nationwide green bank network.
The EPA has made clear that the primary objectives of the GGRF are to reduce greenhouse gas emissions, drive funds and projects in low-income and disadvantaged communities, and mobilize financing and private capital to stimulate additional deployment of resources.
Enervee’s Eco Financing program is exactly the type of direct investment envisioned by the EPA for the $14B National Clean Investment Fund. The nationwide program leverages private capital, extends affordable financing to people with low credit scores, empowers income-constrained households to pay for efficient appliances with low monthly payments, reduces greenhouse gas emissions, and alleviates the burden of high utility bills.
“Adding Enervee as a strategic partner will greatly enhance the Coalition’s ability to serve millions of low and moderate-income households,” said Eli Hopson, executive director and COO of Coalition for Green Capital. “Our network of green lenders has already identified over $14B in clean energy project pipeline over the next several years, facilitating public-private partnerships to deliver relief in communities facing the brunt of the climate crisis. We look forward to demonstrating to the EPA why this nationwide network is the strongest tool for leveraging the IRA’s once-in-a-lifetime investment of federal funds.”
“Eco Financing has enjoyed the support of green banks in California and New York, but not every state has a green bank. The nationwide green bank network will allow us to serve all income- and credit-constrained consumers across the country and rapidly scale impact,” said Matthias Kurwig, Enervee’s CEO. “Eco Financing fills a critical gap in programs designed to drive decarbonization equitably, with over 85% of loans going to underserved borrowers.”
Enervee is a climate technology company that combines data science, behavioral science and digital marketing to drive better energy-related buying decisions across dozens of consumer product categories. Our Commerce platform – featuring Choice Engine technology, instant point-of-sale incentives and Eco Financing – eliminates longstanding market, cognitive/psychological and financial barriers that prevent consumers from following through on their ambition to buy energy-using products that save energy and money and reduce greenhouse gas emissions.
CGC recently announced similar partnerships with Michigan Saves; Colorado Clean Energy Fund; Missouri Green Bank; Puerto Rico Green Energy Trust; Finance New Orleans; the Hawaii Green Infrastructure Authority (HGIA); CleanSource Capital; the Rhode Island Infrastructure Bank; Columbus Region Green Fund (CRGF); Solar and Energy Loan Fund (SELF); the Climate Access Fund; Clean Energy Fund of Texas; Growth Opportunity Partners, Inc.; the Community Development Venture Capital Alliance (CDVCA); DC Green Bank, Connecticut Green Bank, and the Inter-Tribal Trade Consortium (ITTC).
ABOUT COALITION FOR GREEN CAPITAL
The Coalition for Green Capital (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 injustice. 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 levels in the U.S. and countries around the world. For more information, visit: https://coalitionforgreencapital.com/.