Montgomery County, MD (September 6, 2022) – Through the introduction of 30 Electric Vehicle (EV) chargers in at least six affordable rental properties, more low- and moderate-income residents in Montgomery County, MD will find easier access to electric vehicles. Using a grant from GM’s Climate Equity Fund, the Montgomery County Green Bank (Green Bank) is helping affordable multi-family rental property owners in Montgomery County install EV chargers and offer the flexibility for their residents to own electric vehicles.
With this new philanthropic funding from General Motors, the Green Bank developed the Electric Vehicle Charging Infrastructure Program (EV-CIP) that will highly incentivize the installation of EV charging infrastructure in affordable, multi-family housing properties by leveraging the grant with a new, innovative financing tool.
“We were thrilled when General Motors accepted our application to its Climate Equity Fund and provided philanthropic funds for a program to provide equitable access to EV chargers for occupants of affordable rental communities. The funding allowed us to develop a solution to respond to the needs expressed by affordable housing communities. This effort advances the Green Bank’s mission to make clean energy and climate-resilient solutions more accessible and affordable for all,” says Tom Deyo, Green Bank CEO.
Through use of a loan and grant structure with the Green Bank, the EV-CIP eliminates any out-of-pocket cost burdens that multi-family housing property owners might incur for EV charger installation, including easing their ability to fully leverage existing state and utility incentive programs. The Green Bank structure pairs with Maryland Energy Administration (MEA) and Potomac Electric Power Company (Pepco) grants/rebates and addresses additional costs and property burdens to fully cover affordable multi-family property owners for the installation of chargers.
“One of the goals of the Climate Equity Fund is to increase access to sustainable transportation for vulnerable communities,” said Jessica James, senior manager, Climate Equity Fund and Disaster Relief at General Motors. “We are thrilled to support a creative, community-informed program that will help solve a critical barrier to EV adoption for people living in multi-unit dwellings.”
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 Green Bank supports the County by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.
Media contact: Tyniah McDuffie, Communications and Community Engagement Manager
About General Motors
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
Media Contact: Kristen Sullivan, GM Communications