New Legislation Dedicates Annual Funding for the Montgomery County Green Bank
Montgomery County, MD (February 2, 2022) – Montgomery County Council passed the Montgomery County Green Buildings Now Act on February 1, 2022, which allocates 10% of the fuel-energy tax revenue each year to the Montgomery County Green Bank (Green Bank). Through this approach, the Green Bank could receive an estimated $18 million annually in funding to support clean energy projects in the County. This legislation for Green Bank funding 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.
“We extend our gratitude to the County Council for spearheading the approval of the Montgomery County Green Buildings Now Act to provide substantial funding in support of the Green Bank and recognizing the Green Bank as a valuable resource for the County’s climate response efforts,” says Green Bank Board Chair, Bonnie Norman, “The Green Bank will use this investment to amplify our work in support of the County in reaching its climate goals, and do so by delivering clean energy solutions for all County businesses and residents.”
The Green Bank was formed by Montgomery County to increase investment in clean energy projects by partnering with private lenders and investors to provide more accessible and affordable financing for residential and commercial properties to undertake carbon-reducing and cost-saving improvements. With the additional funding provided by this County legislation, the Green Bank will have the resources to generate a vast new set of financial benefits that extend current offerings, create more partnerships, and provide new flexible, affordable financing structures with private capital.
“The Green Bank will use this funding in partnership with other private capital and government funds to create an even greater source of clean energy investment in the County” says Green Bank CEO, Tom Deyo. “This leveraging strategy with private capital will assure that the needed upfront capital is available in the County for property owners to make critical energy efficiency and renewable energy improvements to achieve the County goals.”
The Green Bank’s mission and efforts focus on equitable access to Green Bank created resources across the spectrum of geographies and populations in the County. In so doing, the Green Bank looks to build a prospering, sustainable, and healthy Montgomery County where everyone participates in and benefits from clean energy and climate-resilient solutions.
More information on Bill 44-21 can be found here.
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