The Philadelphia Green Capital Corp. (PGCC) is a local nonprofit green bank and affiliate of the Philadelphia Energy Authority (PEA). PGCC was launched to support PEA’s programs and the Philadelphia Energy Campaign and to provide low-cost financing options for energy efficiency and renewable energy projects in the Philadelphia region. PEA is an independent municipal authority, committed to building a robust, equitable, and diverse clean energy economy in Philadelphia through the development of long-term energy projects, policy, education, and market-building activities. In 2016, PEA launched the ten-year Philadelphia Energy Campaign to invest $1 billion, create 10,000 jobs, strengthen communities, cut energy bills, and reduce the City of Philadelphia’s carbon footprint. Through 2021, PEA supported over $300MM of investment and created more than 2,500 jobs. PGCC’s goal is to generate $250MM of investment to support the Energy Campaign. PGCC is expanding clean energy financing tools, especially to underserved low- to moderate-income markets with high barriers to affordable financing.
PGCC’s current product offerings include two lightly secured loans for nonprofits and multifamily buildings. The Navigator Pre-Development Loan provides a line of credit that allows owners to hire designers and technical service professionals for project analysis, design, and implementation. The Catalyst Term loan provides financing for low- and moderate-income (LMI) multifamily properties and nonprofits for new construction and renovation; this loan can be used for energy efficiency or renewable energy projects, performance monitoring and verification, and remediation for health and safety. Share the Sun is a first-of-its-kind Solar Renewable Energy Credit (SREC) donation program supporting solar installations for Philadelphia’s low- and moderate-income homeowners.
PEA’s Built to Last program restores and preserves housing for low-income individuals by layering, coordinating, and supplementing existing home repair programs to ensure affordability and climate resiliency for years to come. PGCC facilitates funding of improvements for Built to Last that falls outside the scope of existing funding streams, as well as electrification of homes by installing heat pumps, electric appliances, and solar PV when feasible.