A Solar Leasing Program Offers a Bright Future for Renewable Energy
Capital Good Fund's Georgia BRIGHT program is offering solar panel and battery storage leases to lower-income Georgia residents and nonprofits, helping them save on electric bills through the Inflation Reduction Act's 'direct pay' feature. The program aims to benefit over 16,000 households by 2029. Supported by a $250,000 Wells Fargo Foundation grant and a $156 million Solar for All grant, the initiative allows Georgia households earning under $150,000 annually to lease solar panels with minimal upfront costs. Participants average $272 in first-year savings, projected to increase to $655 in the final year of the 25-year lease. The program addresses Georgia's high low-income energy burden, where households spend about 19.4% of income on electricity.
Il programma Georgia BRIGHT del Capital Good Fund offre contratti di locazione per pannelli solari e sistemi di accumulo per batterie a residenti e organizzazioni non profit a basso reddito in Georgia, aiutandoli a risparmiare sulle bollette elettriche grazie alla funzionalità di 'pagamento diretto' dell'Inflation Reduction Act. Il programma si prefigge di beneficiare oltre 16.000 famiglie entro il 2029. Sostenuto da una donazione di $250.000 della Wells Fargo Foundation e da una donazione di $156 milioni del programma Solar for All, l'iniziativa consente alle famiglie della Georgia che guadagnano meno di $150.000 all'anno di noleggiare pannelli solari con costi iniziali minimi. I partecipanti risparmiano in media $272 nel primo anno, con previsioni che aumentano a $655 nell'ultimo anno del contratto di locazione di 25 anni. Il programma affronta l'alto costo energetico delle famiglie a basso reddito in Georgia, dove le famiglie spendono circa il 19,4% del reddito per l'elettricità.
El programa Georgia BRIGHT del Capital Good Fund ofrece arrendamientos de paneles solares y almacenamiento de baterías a residentes y organizaciones sin fines de lucro de bajos ingresos en Georgia, ayudándoles a ahorrar en las facturas de electricidad a través de la función de 'pago directo' de la Ley de Reducción de la Inflación. El programa busca beneficiar a más de 16,000 hogares para 2029. Respaldado por una y una subvención de $156 millones de Solar for All, la iniciativa permite a los hogares de Georgia que ganan menos de $150,000 al año arrendar paneles solares con costos iniciales mínimos. Los participantes promedian un ahorro de $272 en el primer año, que se proyecta aumentará a $655 en el último año del contrato de arrendamiento de 25 años. El programa aborda la alta carga energética de los hogares de bajos ingresos en Georgia, donde las familias gastan aproximadamente el 19.4% de sus ingresos en electricidad.
캐피탈 구드 펀드의 조지아 BRIGHT 프로그램은 저소득 조지아 주민과 비영리 단체에 태양광 패널 및 배터리 저장 장치를 임대하여 인플레이션 감축 법안의 '직접 지불' 기능을 통해 전기 요금을 절감할 수 있도록 돕고 있습니다. 이 프로그램은 2029년까지 16,000 가구 이상을 혜택을 주는 것을 목표로 합니다. $250,000의 웰스 파고 재단 기금과 $1억 5,600만의 Solar for All 보조금에 의해 지원되는 이 이니셔티브는 연간 수입이 $150,000 미만인 조지아 가구가 최소한의 초기 비용으로 태양광 패널을 임대할 수 있도록 합니다. 참가자는 첫 해에 평균 $272의 절약을 기록하며, 이는 25년 임대 계약의 마지막 해에 $655로 증가할 것으로 예상됩니다. 이 프로그램은 조지아의 저소득 가구가 전기에 지출하는 소득의 약 19.4%에 달하는 높은 에너지 부담 문제를 해결하고 있습니다.
Le programme Georgia BRIGHT du Capital Good Fund propose des baux de panneaux solaires et de stockage de batteries aux résidents à faible revenu de Géorgie et aux organisations à but non lucratif, les aidant à économiser sur leurs factures d'électricité grâce à la fonction de 'paiement direct' de la loi sur la réduction de l'inflation. Le programme vise à bénéficier à plus de 16 000 foyers d'ici 2029. Soutenue par une subvention de 250 000 $ de la Wells Fargo Foundation et une subvention de 156 millions $ du programme Solar for All, l'initiative permet aux foyers de Géorgie gagnant moins de 150 000 $ par an de louer des panneaux solaires avec des coûts initiaux minimaux. Les participants économisent en moyenne 272 $ la première année, montant prévu à 655 $ lors de la dernière année du bail de 25 ans. Le programme aborde le fardeau énergétique élevé des foyers à faible revenu en Géorgie, où les familles dépensent environ 19,4 % de leurs revenus en électricité.
Das Georgia BRIGHT Programm des Capital Good Fund bietet Mietverträge für Solarpanels und Batteriespeicher für einkommensschwache Bewohner von Georgia und gemeinnützige Organisationen an und hilft ihnen, durch die 'Direktzahlung'-Funktion des Inflation Reduction Act bei den Stromkosten zu sparen. Das Programm zielt darauf ab, über 16.000 Haushalte bis 2029 zu unterstützen. Gefördert durch ein Stipendium in Höhe von 250.000 US-Dollar von der Wells Fargo Foundation und ein Stipendium in Höhe von 156 Millionen US-Dollar von Solar for All, ermöglicht die Initiative Haushalt in Georgia, die weniger als 150.000 US-Dollar jährlich verdienen, Solarpanels mit minimalen Vorabkosten zu mieten. Die Teilnehmer sparen im Durchschnitt 272 US-Dollar im ersten Jahr, was voraussichtlich auf 655 US-Dollar im letzten Jahr des 25-jährigen Vertrags ansteigt. Das Programm bekämpft die hohe Energielast von einkommensschwachen Haushalten in Georgia, wo Familien etwa 19,4% ihres Einkommens für Strom ausgeben.
- Program expected to increase Georgia's residential solar adoption by 50%
- First-year average savings of $272, increasing to $655 by year 25
- Secured $156 million Solar for All grant for expansion
- 90% utility bill reduction reported by early participants
- to Georgia residents earning under $150,000 annually
- Requires 25-year lease commitment
- Program restricted to homes with suitable roof conditions
Insights
This initiative, while environmentally conscious, has minimal direct impact on Wells Fargo's
The Georgia BRIGHT program's target of 16,000 households by 2029 demonstrates scalable potential, but the revenue impact remains negligible compared to Wells Fargo's core banking operations. The initiative primarily serves as an ESG (Environmental, Social and Governance) enhancement, potentially improving the bank's sustainability ratings and community development credentials.
With help from philanthropic partners like Wells Fargo, Capital Good Fund's solar leasing program helps lower-income residents and nonprofit organizations save on their utility bills.
NORTHAMPTON, MA / ACCESSWIRE / November 4, 2024 / Wells Fargo
Key takeaways
Capital Good Fund's Georgia BRIGHT program offers solar panel and battery storage leases to help lower-income Georgia residents save on electric bills by utilizing the "direct pay" feature of the Inflation Reduction Act. It's piloting a Pennsylvania BRIGHT program, too.
By the end of 2029, Georgia BRIGHT plans to bring benefits of solar energy to more than 16,000 households.
Participants generate renewable power where they live or work, giving them access to cleaner, lower-cost electricity.
Optional battery storage can enhance energy savings and the resiliency of the state's electrical grid.
Watch: Capital Good Fund's Georgia Bright program is reducing the utility bills of homeowners and organizations, including Marc Thomas of Savannah, Georgia, and Trinity Episcopal Church in Statesboro, Georgia. (2:02)
Marc Thomas used to worry about the frequent, nearly week-long power outages - four since he moved to his coastal Georgia home - that threatened his health.
"I need my CPAP to sleep safely at night, otherwise I could easily have a heart attack," he said.
These days, he rests easier, confident that his CPAP machine, a device that helps people with sleep apnea breathe during sleep, will always have power. In December 2023, Thomas and his wife Margo got a solar energy array installed on their Savannah, Georgia, home. If an outage occurs, a battery draws stored electricity, ensuring they are never left in the dark.
The couple is among many Georgia homeowners and organizations that have leased solar panels through Capital Good Fund's Georgia BRIGHT program. The initiative allows Georgia households making less than
In addition to providing crucial backup electricity in case of a power outage, the solar panels are helping participants save on their electricity bills. In the first year, the average annual savings for homeowners in the program is
Wells Fargo is a philanthropic partner supporting Capital Good Fund as part of the bank's sustainability philanthropy. The shared goal is to expand access and financial opportunities that enable broader clean energy adoption with improved affordability and accessibility.
Georgia has among the highest low-income energy burdens in the country. Low- and moderate-income households in the state spend on average
The Georgia BRIGHT program helps participants produce their own power, so they buy much less electricity. The savings can lower their utility bill enough to offset the cost of the lease, allowing for immediate savings.
For the Thomases, their utility bill went down
"We'd been interested in looking at solar power for some time, but had found that the installation costs were expensive," he said. "We've been very pleased with the result."
Expanding access to renewables
From power outages to rate hikes, there are many reasons why solar energy and batteries could help Georgia residents. Frequent extreme weather, from hurricanes to heatwaves, is hitting Georgia's electrical grid disproportionately hard, Climate Central reports, and rising temperatures (PDF) will only add strain to the system.
Yet it's among the states with the lowest residential solar energy adoption, according to Andy Posner, founder and CEO of Capital Good Fund, a nonprofit community development financial institution (CDFI).
Georgia BRIGHT uses a new funding method for expanding renewable energy. As part of the Inflation Reduction Act's tax incentives, nonprofits like Capital Good Fund can use "direct pay" to spread the benefits of rooftop solar tax credits to lower-income Americans, who don't have the tax burden to be able to use traditional tax credits. Capital Good Fund accesses the "direct pay" incentive on behalf of these homeowners and incorporates the savings into the lease which allows for greater affordability for the homeowner.
The Wells Fargo Foundation awarded the CDFI a
"It's really the case with solar that if you create the right financial instrument and build the trust to reach these communities, that you can unlock the potential [to grow solar]," Posner said.
The solar panels, which are manufactured in Georgia, and battery storage systems help lower-income residents use cheap, renewable electricity when they need it, like on increasingly hot nights. When people are less vulnerable to extreme temperatures, they breathe better, feel less depressed, and avoid a laundry list of other health risks, data shows. But if they can't afford it, many people choose to not run their air conditioning.
Georgia BRIGHT participants may opt to add battery storage to keep their electricity running when the power is out or when panels aren't active, like at night or during rough storms. They can also increase participants' energy savings and reduce their carbon footprint by maximizing how much solar energy they use, according to Alicia Brown, who directs the program.
"We have hurricanes, tropical storms, and other weather events that can cause power outages," she said. "When you're a lower- or middle-income family, losing a refrigerator full of groceries can be a real financial burden."
Empowering community organizations with renewable energy investments
In addition to the residential program, Georgia BRIGHT offers a commercial program for nonprofits and community organizations, enabling them to take advantage of the savings and put their energy toward serving those in need.
Trinity Episcopal Church in Statesboro, Georgia, is the first mission-driven group to take advantage of the program. The solar array on the church roof could save the parish an estimated
"In Georgia, our electric rates have been going up significantly. We were at a moment when we needed to do something to mitigate the rising cost of energy," said Todd, the church's rector.
The church plans to reinvest the utility savings to meet the congregation's needs.
"The solar panel installation is really a part of our commitment to look at ways to use more … things that are better for the environment and better for the Earth, but also things that help our community," Todd said.
A rapid boost to Georgia's residential solar
About 70 arrays have been installed as part of the pilot, as of August 2024. But Posner said Georgia BRIGHT will soon change the state's renewable energy landscape.
The Wells Fargo Foundation grant, which allowed Capital Good Fund to increase it's capacity, supported the CDFI's pursuit of government funding. Capital Good Fund was awarded a
The money will also allow the CDFI to bring renewable energy to hundreds of extremely low-income or vulnerable households and thousands of others through community solar and utility-led projects in Georgia.
In total, that's a target of more than 16,000 households tapping solar energy by the end of 2029. Plus, Capital Good Fund has already started a Pennsylvania version of the pilot program.
"Not only are we reaching communities that, across the board, are less likely to go solar," Posner said, "we're doing it in one of the hardest markets for solar."
How you can apply to Georgia BRIGHT
Who's eligible?
The program is open to single-family homeowners in Georgia who make less than
What does it cost?
Participants pay 25-year lease payments, which are often covered by utility savings. The program covers maintenance costs. If a participant sells their house or moves, the next residents can continue the lease, or participants can buy out the lease with proceeds from the property sale.
How do I apply?
Visit georgiabright.org to get a free solar consultation.
The solar panels on Marc Thomas' roof help ensure his machine can continue running during power outages.
View additional multimedia and more ESG storytelling from Wells Fargo on 3blmedia.com.
Contact Info:
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Website: https://www.3blmedia.com/profiles/wells-fargo
Email: info@3blmedia.com
SOURCE: Wells Fargo
View the original press release on accesswire.com
FAQ
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