Press Releases

Congresswoman Chellie Pingree (D-Maine) today announced $15 million for the Efficiency Maine Green Bank to support energy loans through a grant from the U.S. Environmental Protection Agency’s (EPA) National Clean Investment Fund (NCIF), an initiative created by President Biden’s Inflation Reduction Act’s Greenhouse Gas Reduction Fund. Efficiency Maine is a sub-awardee under an application submitted by the Coalition for Green Capital (CGC), which earlier today the EPA announced is one of three winners of NCIF funds. These selected applicants will create a national clean financing network for clean energy and climate solutions across sectors, ensuring communities have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy.

“Green banks have proven to be instrumental in our transition to a clean energy economy, supporting renewable energy technology investments and deployment across the country. These are the kind of targeted tools to reduce greenhouse gas emissions we envisioned for our communities when Congress passed the Inflation Reduction Act, the most significant piece of climate legislation in our nation’s history,” said Pingree. “This considerable investment for the Efficiency Maine Green Bank will not only help Mainers save on their home energy costs but will help propel our communities towards a more sustainable future.”

“The Efficiency Maine Green Bank is grateful for and excited about the opportunities that this generous National Clean Investment Fund grant will provide. These funds will enable the Efficiency Maine Green Bank to offer loans for heat pump projects that will reduce Maine's dependence on imported fuels and lower heating bills in homes and businesses across the state,” said James Neal, Senior Manager for Finance Initiatives at Efficiency Maine. “These loans will be strategically deployed to complement the pioneering rebate programs offered by Efficiency Maine to help Mainers maintain efficiency and reduce their carbon footprint while staying warm throughout cold Maine winters. The Greenhouse Gas Reduction Fund will have a real and tangible positive effect on the lives of Mainers.”

Background:

The Inflation Reduction Act authorized the EPA to create and implement the Greenhouse Gas Reduction Fund, a historic $27 billion investment to combat the climate crisis by mobilizing financing and private capital for greenhouse gas- and air pollution-reducing projects in communities across the country. Together, the Greenhouse Gas Reduction Fund’s National Clean Investment Fund, Clean Communities Investment Accelerator, and Solar for All programs will finance clean technology deployment nationally, finance clean technology deployment in low-income and disadvantaged communities while simultaneously building the capacity of community lenders that serve those communities, and spur adoption of clean distributed solar energy that lowers energy bills for millions of Americans in low-income and disadvantaged communities. EPA expects to announce additional information on the $7 billion Solar for All competition later this spring. These programs advance President Biden’s Justice40 Initiative while expanding good-paying job opportunities in domestic industries.

Since 2010, Efficiency Maine has offered loans as part of its portfolio of programs to support Maine consumers making energy efficiency improvements to their homes and businesses. In recent years, the Maine Legislature has expanded the authority of the Efficiency Maine Green Bank to provide more financing support for the “rapid deployment of mature technologies and the commercialization and scaling of new technologies” that will help Maine consumers improve their energy efficiency and reduce their greenhouse gas emissions. With the promise of new capital from the U.S. EPA’s Greenhouse Gas Reduction Fund, the Efficiency Maine Green Bank intends to expand its loan and lease offerings across a broader range of homeowners, small businesses, commercial properties, schools, and municipalities.

The CGC, doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental impacts. Green banks are a proven finance model that use public and philanthropic funds to stimulate private investment in renewable energy, energy efficiency, and other decarbonization technologies. Since 2011, the CGC has supported or created more than 40 green banks and has developed a pipeline of qualified projects in low-income and disadvantaged communities. For more information, click here.

Pingree is ranking member of the House Appropriations Interior, Environment, and Related Agencies Subcommittee, which oversees funding for the EPA. In February, Efficiency Maine was awarded $10 million through the Bipartisan Infrastructure Law to accelerate clean energy deployment in rural Maine.

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