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Frequently Asked Questions

Frequently Asked Questions2022-02-04T15:03:34-05:00
What is the job of a green bank?2022-03-16T17:04:18-04:00

Green banks are mission-driven nonprofit institutions. We offer innovative financing to the public through partnerships with private lenders. Our financing helps pay for energy efficiency and renewable energy projects to accelerate the transition to clean energy. We help the public reduce their energy costs and create a cleaner and more sustainable future for all.

What benefits do the Montgomery County Green Bank provide?2022-03-16T17:05:57-04:00

The Green Bank’s work results in more flexible financing for clean energy projects, like affordable interest rates, extended term lengths, and low or no money down finance offerings. This helps ensure that business and homeowners can execute clean energy projects and achieve energy bill savings with transparent financing options.

What do you offer a homeowner?2022-03-16T17:07:28-04:00

We created our Clean Energy Advantage Program for homeowners.  The Clean Energy Advantage Program offers two options: it supports energy efficiency improvements, like air leakage reduction, higher efficiency HVAC systems, insulation, as well as EV charging and it also supports renewable energy improvements, like solar PV or geothermal. Clean Energy Advantage is offered through our partner lender, Clean Energy Credit Union, to offer Montgomery County homeowners loans that are lower than market rate.

What if I want solar on my faith-based property?2022-03-16T17:08:02-04:00

We are currently working with numerous faith-based communities exploring potential solar options for their properties. We have a variety of financing options available to meet your interests and your budget. The most popular option is our Power Purchase Agreement, which is great for non-profit communities who want to take advantage of the valuable solar incentives that are available without putting any money down or paying any more for their electricity than you already pay. We also have financing that can support ownership if a non-profit wishes to own their solar system. Most faith communities start saving on their electricity bills from the day they turn their solar system on.

What’s the difference between renewable energy and energy efficiency?2022-03-16T17:10:25-04:00

Renewable energy is energy that is collected from renewable resources that are naturally replenished. It includes sources such as sunlight, wind, rain, tides, waves, and geothermal heat.

Energy efficiency is the practice of using less energy to provide the same amount of useful output from a service such as heating water, lighting, or cooling a fridge.  The improvements include higher efficiency HVAC systems, sealing air ducts, increasing insulation in walls and attics, using smart thermostats, and sealing windows and doors.

How do I find a contractor to help me?2022-03-16T17:09:49-04:00

Projects completed with Green Bank financing must use a participating contractor. We have a list of participating contractors on our website. You can filter the list depending on what program you are interested in and what type of project you want to finance.

Why should I make clean energy improvements?2022-02-04T14:52:24-05:00

Switching to clean energy in your home makes your home and your community healthier. Traditional energy generation causes harmful pollutants to be released into the air we breathe and into the waterways we live and thrive on. Energy Efficient homes use less electricity to heat and cool the home throughout the year. The less energy needed to run your home, the less your energy bills will be!

I’m in low-income housing, what’s available for me?2022-02-04T14:53:52-05:00

Talk to your property owner about using the Green Bank to make your housing more energy efficient. If you pay your own electricity bills, look into switching to a community solar provider or another clean energy provider. Find more information on community solar options here: https://www.solarunitedneighbors.org/go-solar/community-solar/

How much value increase can I expect from a clean energy improvement?2022-02-04T14:54:47-05:00

Find the expected benefits for your clean energy improvement here: https://www.energy.gov/eere/femp/energy-and-cost-savings-calculators-energy-efficient-products

Why did Montgomery County set up a green bank?2022-03-16T17:06:47-04:00

Montgomery County established ambitious greenhouse gas reduction goals and wanted to create a structure to help businesses and residents access resources to achieve these goals. The County created the Green Bank, modeling it after state-level green banks, using a limited amount of public funds to stand behind the private lenders and attracting private financing at many times the amount of public funds for use in clean energy by residents and businesses.

How does the Montgomery County Green Bank partner with other organizations to offer its products?2022-03-16T17:09:10-04:00

We partner with lenders, contractors, and funders on clean energy projects throughout the County. Our partnerships with financial institutions help increase the overall financing available to residents and businesses and so that the market is not limited by the amount of funds available just from us for projects. This collaboration makes clean energy financing more affordable and accessible for residents and businesses by providing options. We have a list of participating organizations on our website that you can work with on your project.

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