About DC Green Bank
On July 2, 2018, Mayor Bowser signed the District of Columbia Green Finance Authority Establishment Act of 2018, officially making Washington, DC the first city in the United States to establish a green bank.
The goal of the DC Green Bank is to accelerate energy efficiency improvements and the deployment of clean energy technology by leveraging private investment, removing up-front costs, and increasing the efficiency of public dollars. Other green banks in the United States — including those in Connecticut, New York, and Michigan — have shown impressive success in using smaller amounts of public capital to leverage billions of dollars of private sector funding.
Specifically, the DC Green Bank aims to:
- Attract private capital at a ratio of at least 5 private dollars to every 1 dollar of public investment;
- Use bonding authority to increase capacity, accelerate lending, and recapitalize funds;
- Become a go-to resource for District residents, small business owners, and commercial developers interested in energy efficiency improvements, clean energy installations, and construction of green infrastructure; and
- Be a breakeven entity, where the revenues earned from financing activity cover its operating costs.
The DC Department of Energy & Environment (DOEE) is facilitating the launch of the DC Green Bank to help achieve the goals of the Clean Energy DC Plan. With the first board of directors meeting held on July 25, 2019, the DC Green Bank is officially in start-up phase, working on administrative setup and hiring our first Chief Executive Officer.
Planned Financial Products
In addition to managing the DC Property Assessed Clean Energy program (PACE), DC Green Bank offers flexible funding options that lower the cost of capital for energy efficiency and clean energy projects. Although products are still in development, some examples include:
Quick to close, low-interest rate loans for single family home owners. Loans can be used to improve energy efficiency, lower utility costs, install solar, improve resilience.
COMMERCIAL/ MULTI-FAMILY LOAN
Reduced-interest loans for multi-family or commercial buildings for energy efficiency improvements, stormwater infrastructure, solar, and more!
GAP FINANCING FOR SOLAR
A short-term pre-development and construction loan for commercial solar and community solar project development.
PACE is an acronym for “Property Assessed Clean Energy,” a financing structure that uses the District’s ability to fund improvements in the public interest by attaching special tax assessments to properties.