A new "green bank" is bringing solar power and electric buses to rural America, and it could save you money, too.
The Environmental Protection Agency just launched a $500 million initiative called the Green Bank for Rural America, aimed at supporting small lenders in investing in renewable energy projects across Appalachia and beyond, according to Grist.
This exciting development connects over 75 rural community development financial institutions (CDFIs) to provide funding for local green projects. These include community solar arrays, apprenticeships in renewable energy fields, and even electric public transit. It's designed to help everyday people in rural and low-income areas access clean energy solutions that lower their bills and create jobs.
Imagine your town getting a fleet of electric buses that reduce air pollution and save money on fuel costs. Or, picture your local grocery store installing rooftop solar panels, allowing them to cut energy expenses and pass those savings on to you through lower food prices.
That's what happened in Isom, Kentucky, where the IGA grocery store reopened after devastating floods with help from a local CDFI. They installed solar panels and energy-efficient equipment, allowing them to hire 10 new employees and keep serving their community.
This green bank initiative makes clean energy affordable for everyone. Focusing on rural and low-income areas brings the clean energy transition to communities that have often been left behind. And while you're saving money on your energy bills, you're also helping reduce dirty gas pollution and combat climate damage.
Jason Spicer, an assistant professor at Baruch College, highlights this approach's potential: "A benefit of the CDFI system in theory is that it's targeting the places most in need. In theory, you're not seeing this go to the strongest counties in the region, right?"
Donna Gambrell, president of Appalachian Community Capital, echoes this sentiment, telling Grist, "We wanted to make sure that these were high impact projects, green projects, renewable energy projects that were in low wealth rural communities. The projects themselves would help create jobs that stay in hard hit communities."
Robin Gabbard, president of the Mountain Association, a CDFI in eastern Kentucky, added, "They're reaping the benefits of reduced energy costs, so that they can reinvest back into their businesses and continue to grow their workforce [and] provide lower-cost groceries."
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