The Montgomery County Green Bank (MCGB) was established under Chapter 18A of the Montgomery County Code, which authorizes the County government to designate a non-profit corporation as the County’s Green Bank to promote investment in clean energy technologies. MCGB was incorporated as a tax-exempt, nonstock corporation in the State of Maryland in April 2016, and adopted an initial set of Bylaws in June 2016, which allowed the organization to be formally designated as Montgomery County’s Green Bank in August 2016 by the Montgomery County Council. The MCGB was initially capitalized by the County with $14 million from funds of a utility settlement. The MCGB received its 501(c)3 status in July 2017.
In 2021, Montgomery County Green Bank accelerated its pace of facilitating energy efficiency and renewable energy projects to address the urgency in meeting the County’s climate objectives, generating a pipeline of more than $17 million in active project opportunities. Our active market engagement, a growing staff dedicated to community engagement, and improved connections with contractors, property owners, and developers have fueled the pipeline to help meet the County’s greenhouse reduction goals.
On February 1, 2022, Montgomery County Council passed the Montgomery County Green Buildings Now Act which allocates 10% of the fuel-energy tax revenue each year to the Montgomery County Green Bank. Through this approach, it is estimated the green bank will receive $18 million annually in funding to support clean energy projects in the County. This legislation will provide the depth of resources needed for the green bank to partner with private capital to meet the market demand for clean energy projects and to accelerate progress on equitably meeting the County’s greenhouse gas reduction goals.