A sustainable partnership that empowers communities to reduce energy bills and their carbon footprint
Montgomery County, MD (November 8, 2023) – Homeowners are being offered accessible financing for energy-efficient appliances through a targeted, local collaboration between Montgomery County Green Bank (MCGB) and the Latino Economic Development Center (LEDC). With funding from the Green Bank, LEDC is offering a new loan, the LEDC Appliance Loan, to help homeowners purchase brand-new, eco-friendly appliances.
The partnership’s primary goal is to help homeowners in Montgomery County reduce their energy bills, lower their carbon footprint, and enhance their quality of life. By providing funding for energy-efficient appliances, homeowners will be able to reduce their daily energy consumption. Considering appliances are the third largest category of energy usage in an average home, the partnership is well-positioned to improve homeowners sustainability efforts. It’s also another step toward meeting MCGB’s own sustainability objectives, which includes fostering sustainable energy finance within the community.
A key aspect of the deal is the development of an innovative ‘warehouse structure’ that amplifies the reach and impact of LEDC’s loan product. In this context, the ‘warehouse’ is not a physical facility, but a financial mechanism that will allow LEDC to access more money to help more people.
“Empowering communities and individuals by offering funding creates a change in their lives that is then worked into a positive environmental change,” said Stephen Morel, CEO of MCGB. “We believe everyone should have the means to adopt sustainability, from the kind of material used to build their home to the kettle in their kitchen. At MCGB, we create financial solutions that make sustainability an achievable reality in people’s lives, homes, buildings, and products. The promotion of green energy finance in partnership with LEDC is the latest step in realizing our sustainability strategy for Montgomery County.”
The appliances available through LEDC will enable low- and moderate-income homeowners to purchase brand-new, energy-efficient appliances labeled with the trusted Energy star logo. With a payment plan over 60 months and a competitive 4.5% fixed interest rate, homeowners will be able to make their homes energy-efficient at a cost they can afford. The program helps homeowners purchase eco-friendly appliances ranging from $500 to $5,000.
Emi Reyes, CEO of LEDC, commenting on the partnership said, “At LEDC, we believe that access to energy-efficient appliances is crucial for the long-term well-being of our community. The collaboration with MCGB represents our commitment to making clean energy solutions attainable for low-to-moderate income homeowners in our community. By making energy-efficient appliances accessible, we are enhancing the quality of life for countless individuals, ensuring that they can enjoy the benefits of a greener, healthier future.”
About the Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Montgomery County Green Bank supports Montgomery County, MD by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, nonprofits, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.
Montgomery County Green Bank media contact: Tyniah McDuffie, Director of Communications and Community Engagement
The Latino Economic Development Center (LEDC) is a non-profit, tax-exempt community development organization founded in 1991. LEDC’s mission is to drive the economic and social advancement of low- to moderate-income Latinos and other underserved communities by equipping them with the skills and tools to achieve financial independence and become leaders in their communities of Washington D.C., Maryland, Virginia, and Puerto Rico. We achieve our mission through small business development and lending, homeownership group education and individual counselling, and affordable housing preservation. For more information on LEDC’s appliance loan, visit https://www.ledcmetro.org/ledc_appliance_loan
LEDC media contact: Jaime Segui, Communications Associate