New Partnership Launches Initiative To Help 60 Low-And-Middle Income Families In Southeast PA Lease Solar Energy Systems To Reduce Their Energy Costs

On August 12, CDFI Capital Good Fund announced a new partnership with Philadelphia Green Capital Corp and Solarize Philly to expand solar leasing options for 60 low and middle income families through the launch of the Pennsylvania BRIGHT solar lease pilot. 

The Program is available to families in Philadelphia, Bucks, Chester, Delaware, and Montgomery counties.

To be eligible, the homeowner’s gross annual income must be less than $100,000 or the homeowner must reside in a disadvantaged census tract as identified by the Climate and Economic Justice Screening Tool. 

A quarter of low-income households in Philadelphia spend more than 19% of their income on energy bills, which is almost six times higher than the city’s median energy burden according to the American Council for an Energy-Efficient Economy.

“Because it is a lease program, there is no upfront cost and families do not pay to install or maintain the panels,” says Alexis McCarthy, Pennsylvania BRIGHT Program Director. 

The program is possible because the Inflation Reduction Act allows nonprofits to reduce the cost of solar panels for LMI homeowners using tax credits.

The launch of Pennsylvania BRIGHT is made possible by receiving financial support and through local partnerships, including Philadelphia Green Capital Corporation (PGCC), the green bank in Southeast Pennsylvania. 

“PGCC is here to develop new financing tools that expand access to clean energy for people of all incomes, and we’re excited to bring Capital Good Fund’s product into our market. It lets our local solar installers offer an attractive, consumer-friendly way to pay for solar with no upfront cost, no ongoing maintenance costs, and no need to take out debt,” said Maryrose Myrtetus, Executive Director of PGCC. 

“We’re thrilled to bring the Pennsylvania BRIGHT pilot on board,” says Tabeen Hossain, Senior Manager of Residential Programs at Philadelphia Energy Authority, the organization that operates Solarize Philly. “Capital Good Fund will be working with our Solarize Philly installers to offer a new financing option and bring solar to 60 low-income households.”

As part of the Solarize Philly program, the installers will provide employment opportunities and training within the very same LMI communities in which the solar systems are leased.

Pennsylvania BRIGHT also received funding support from the BQuest Foundation.

“We are delighted to support Capital Good Fund as they bring their successful Georgia BRIGHT program to Pennsylvania families,” said Kathlyn Mead, Chief Impact Officer of the BQuest Foundation. 

Visit the Pennsylvania BRIGHT webpage for all the details.

[Posted: August 12, 2024]  PA Environment Digest