Did you know that Montgomery County is the first county in the nation to pass legislation to establish a local Green Bank?
October 16, 2015
Did you know… that Montgomery County is the first county in the nation to pass legislation to establish a local Green Bank?
Last week, a bill that was unanimously approved in June 2015 by the Montgomery County Council to create the Montgomery County Green Bank, went into effect. The bank will provide low cost financing for residential and commercial solar energy efficiency improvements to foster the growth, development and commercialization of renewable energy sources and related enterprises. Additionally, the bank is authorized to issue negotiable revenue bonds to finance clean energy technologies. The bill, Bill 18-15, was sponsored by Councilmember Roger Berliner.
The Montgomery County Green Bank is modeled after the successful Connecticut Green Bank. In the June press release, Councilmember Berliner shared the profound impact of Connecticut’s green bank, specifically, “…every $1 in public funds in their green bank has been matched by $10 private dollars. They have built the largest commercial energy efficiency upgrade market of any state, and increased their annual solar growth from 2,000 new kilowatts per year in 2011 to 18,000 new kilowatts per year in 2014.”
The Montgomery County Green Bank will be funded initially by revenue from the merger settlement with Pepco-Exelon to the tune of $20 million.
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Residential Real Estate Practice
David M. Kochanski