Capital Good Fund Starts Green New Deal Fund

Capital Good Fund Starts Green New Deal Fund

Investment fund will help underserved residents pay for energy renovations.

PROVIDENCE, RI – High costs often prevent low- and moderate-income (LMI) families from taking advantage of green technology that can save them thousands of dollars in utilities and reduce the impact of climate change. Just in time for Earth Day, Capital Good Fund has started a fund called the Green New Deal Fund to help investors be part of the movement to expand access to residential solar systems. Funds raised will directly support the organization’s solar loan program, empowering more people to reduce their carbon footprint and reliance on fossil fuels for energy. Capital Good Fund, a nonprofit, U.S. Treasury-certified Community Development Financial Institution, is working to advance a poverty-free, inclusive green economy through equitable loans to LMI families for a variety of key needs, including “green” home upgrades.

“People are looking for investments that match their values,” says Capital Good Fund founder and CEO Andy Posner, “At a time of rising energy prices and geopolitical instability, it is more important than ever that we direct funds to ensure all families have access to affordable, reliable, homegrown clean energy. There can be no clean economy without economic justice.” Currently only 21% of residential solar systems being installed benefit LMI households, signaling people simply lack the opportunities to decarbonize. The transition to solar energy provides the opportunity to improve air quality, lower monthly utility bills, decrease reliance on the electrical grid, withstand potential power outages, and increase property values more broadly.

Accredited investors anywhere in the United States can participate in Green New Deal Fund with a minimum investment of $5,000 and can earn 6% on their investment while having the peace of mind of knowing their money will directly help reduce the power bills of their LMI neighbors, create green jobs, and help the planet. Investors will receive semi-annual payments of interest and principal for several years and have the option of selecting a lower rate to pass on more savings to LMI homeowners. For more information, visit the website.

About Capital Good Fund

Capital Good Fund is a Rhode Island-based nonprofit social change organization that uses financial services to tackle poverty and environmental injustice in America. Capital Good Fund offers low interest loans of up to $60,000 and one-on-one Financial Coaching for the lower-income residents of Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, New Jersey, Georgia, Connecticut, and Colorado. Since their founding in 2009, they have financed over 11,000 loans totaling over $31 million with a 96% repayment rate and graduated over 2,000 people from its Coaching program. More at www.GoodFund.us.