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The Pennsylvania BRIGHT (Building Renewables & Investing for Green, Healthy, Thriving) Community solar leasing pilot uses the Inflation Reduction Act to help residents save money on utilities
PROVIDENCE (September 26, 2024) – Nonprofit CDFI Fondo de Bienes de Capital is announcing the expansion of affordable solar financing options for low-to-moderate-income (LMI) families through the launch of the Pennsylvania BRIGHT solar lease pilot. One hundred LMI homeowners in southwestern Pennsylvania will be able to realize the benefits of solar and battery backup systems without the hassle of ownership. With a BRIGHT lease, the average family stands to save 20% on energy costs every month, net of the lease payment. According to a new report from the American Council for an Energy-Efficient Economy (ACEEE), low-income households in Pittsburgh pay 16% of their household income on their energy bills, which is considered to be a severe energy burden.
“Increased access to renewable energy is essential to easing the disproportionate energy burden working families carry,” says Capital Good Fund founder and CEO Andy Posner. “Until now, those that stand to benefit most from the bill savings and reliability of solar and battery storage have been least able to afford it. We are so thrilled to bring to the Commonwealth a product that will lower energy bills, protect against power outages, improve air quality, and create good-paying, local jobs.” Pennsylvania is the second state to benefit from this program, which was successfully launched in Georgia last fall.
Pennsylvania BRIGHT will serve homeowners in Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Indiana, Lawrence, Washington, and Westmoreland counties. To be eligible, the homeowner’s gross annual income must be less than $100,000 or reside in a disadvantaged census tract as identified by the Climate and Economic Justice Screening Tool, linked aquí. These income and geographic limits allow the program to focus on homeowners who have the most to gain from solar energy and the least ability to finance initial costs.
“Because it is a lease program, there is no upfront cost and families do not pay to install or maintain the panels,” says Alexis McCarthy, Pennsylvania BRIGHT Program Director. The program is possible because the Inflation Reduction Act allows nonprofits to reduce the cost of solar panels for LMI homeowners using tax credits.
The program will work with highly vetted local solar EPC (engineering, procurement, and construction) organizations. “EIS Solar is thrilled to be the lead installer for the Pennsylvania BRIGHT pilot program,” said Ian Smith, Director of Residential Consultations at EIS Solar. “For too long, the benefits of solar have been enjoyed by people who could afford to make a large upfront investment. Programs like this remove those barriers to entry while also providing a reliable source of installations so that we can continue to hire and grow sustainably.” At the time of launch, other local installers include Envinity, Elysium Solar Energy, y Green Rack Solar.
The launch of Pennsylvania BRIGHT is made possible thanks to generous financial support, including $500,000 from The Heinz Endowments and $500,000 from the Henry L. Hillman Foundation. “We are happy to support Capital Good Fund’s BRIGHT solar program in southwestern Pennsylvania because we believe all should have access to the health, environmental, and financial benefits of solar energy,” said Rob Stephany, senior program director of community & economic development at The Heinz Endowments. “Assisting low-to-moderate income households through the funding and installation of solar and battery storage systems will help move the needle of equitable access in the right direction.”
The Pittsburgh Foundation contributed a $150,000 impact loan to Pennsylvania BRIGHT. “This solar lease program is a vital step in providing low-income families with access to solar power, helping them reduce utility costs,” said Michael Yonas, Vice President of Community Partnerships and Learning at the Pittsburgh Foundation. “It aligns with The Pittsburgh Foundation’s mission to empower communities and foster economic resilience. By breaking down barriers to renewable energy, we can create a more equitable future while supporting families in achieving financial stability.”
Pennsylvania BRIGHT also received a program-related investment from the BQuest Foundation. “We are delighted to support Capital Good Fund as they bring their successful Georgia BRIGHT program to Pennsylvania families,” said Kathlyn Mead, Chief Impact Officer of the BQuest Foundation.
The program is getting additional support from local community groups through the Pennsylvania BRIGHT SEOP (Solar Energy Outreach Partner) initiative, including Pennsylvania Interfaith Power & Light. “We are excited to be partnering with the Pennsylvania BRIGHT program as it launches here in the Keystone State,” said Executive Director Katie Ruth. “As a network of people of faith and conscience, we believe that furthering equitable access to renewable energy technologies that support community resiliency and climate action is crucial. We are glad to be involved in this new program that supports these outcomes in frontline communities and are eager to see programming like this expand.”
For more on this program, visit PennsylvaniaBRIGHT.org or fill out our inquiry form Para empezar.
Acerca del fondo Capital Good
Fondo de Bienes de Capital 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 solar leases, low-interest loans, and one-on-one financial coaching for the lower-income residents of Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, New Jersey, Georgia, Connecticut, Pennsylvania, and Colorado. Since their founding in 2009, they have financed over 15,000 loans totaling almost $50 million with a 97% repayment rate and graduated over 2,000 people from their Coaching program. More at www.GoodFund.us.
About The Heinz Endowments
The Heinz Endowments seeks to help our region thrive as a whole and just community and, through that work, to model solutions to major national and global challenges. We are devoted to advancing our vision of southwestern Pennsylvania as a vibrant center of creativity, learning, and social, economic, and environmental sustainability. Our work is supported by reliable data based on equitable, results-focused goals to cultivate a world where all are treated with fairness and respect and have the opportunity to reach their fullest potential.
About Henry L. Hillman Foundation
La Henry L. Hillman Foundation’s mission is to ensure that Pittsburgh’s considerable strengths, assets, and advantages are fully leveraged to make it one of the world’s most innovative and forward-looking cities, building on the late Henry L. Hillman’s legacy for solving big problems through civic leadership and collaboration.
About The Pittsburgh Foundation
La Pittsburgh Foundation‘s mission is to improve the quality of life in the Pittsburgh region by: Evaluating and addressing community issues, promoting responsible philanthropy and connecting donors to community needs. The Pittsburgh Foundation is committed to creating a vibrant, equitable and just Pittsburgh region that supports everyone—regardless of race, identity or circumstance—to thrive and fulfill their potential.
