Expanding Clean Energy Access and Benefits: Award-Winning Programs in Connecticut and Maryland

This webinar highlighted two impressive and impactful state clean energy programs that were purposefully designed so that low- and moderate-income households can not only participate in clean energy programs, but also benefit financially from them.

The Connecticut Green Bank’s Green Liberty Notes Program provides small-dollar investors with the opportunity to support and benefit from clean energy development. It is the first one-year maturity designated green bond offered via a crowdfunding campaign, with an easy online process that doesn’t involve a broker. Investments start at $100 and are capped at $25,000, with priority given to smaller investments. This innovation makes it possible for nearly everyone to invest in Connecticut’s clean energy transition. Like other savings instruments, such as certificates of deposit, a competitive market rate of interest is paid at maturity (the previous offering was between 5-5½ percent). To date, more than $2 million in investment has been raised through the notes to support energy efficiency retrofits for small businesses.

The Maryland Energy Administration’s (MEA) Community Solar Low-to-Moderate Income (LMI) Power Purchase Agreement (PPA) Grant Program provides funding to Community Solar Subscriber Organizations, enabling them to offer below-market-rate electricity to LMI households. The program is unique in its “little notice/little penalty” clause in community solar agreements, recognizing that lower-income people are likely to be renters who change residences more frequently. The program improves access by allowing shorter-term contracts and by lowering contract termination fees. The Community Solar LMI-PPA Program also encourages community solar siting so that land use value is maximized, especially on landfill and other brownfield locations. The $16.4 million invested by the MEA Community Solar LMI-PPA Grant Program encouraged the development of 122 megawatts of new community solar in the state, with a large portion dedicated to LMI subscribers. Estimated direct benefits to these subscribers, so far, are at least $27.9 million. When all of the projects funded to date are completed, about 7,000 LMI households will benefit from 20 years of low-cost energy.

In this webinar hosted by the Clean Energy States Alliance, representatives from the CT Green Bank and MEA presented their programs and answer questions from the audience.

These programs were recipients of the 2024 State Leadership in Clean Energy Awards.

Speakers:

• David Beech, Senior Manager, Clean Energy Finance, CT Green Bank
• David Comis, Maryland Energy Administration
• Brandon Bowser, Maryland Energy Administration (Q&A)
• Vero Bourg-Meyer, Clean Energy States Alliance (moderator)