State officials optimistic Mass. will receive share of $20B federal clean energy funding
Photo | Courtesy of National Grid
A battery and wind turbine at Saint Paul Diocesan Junior/Senior High School in Worcester
Massachusetts officials are optimistic that Thursday's allocation of $20 billion federal climate funding can unlock financial fuel for clean energy and emissions-reduction projects in the Bay State.
The U.S. Environmental Protection Agency announced it would award a combined $20 billion to eight nonprofits and community development financial institutions, who in turn will finance "tens of thousands of projects" across the country that aim to reduce or prevent up to 40 million metric tons of carbon dioxide equivalent per year in emissions.
EPA officials suggested the money could go toward a range of uses under the umbrella of clean energy. Examples of potential projects the agency touted include a town providing incentives for heat pump water heaters and a county-wide investment in solar panels, window and roof upgrades, and battery backup systems.
The awards range from $400 million to $6.97 billion. All eight recipients committed to dedicate a combined $14 billion of the money toward supporting low-income and disadvantaged communities, as well as to leverage close to $7 in private funds for every $1 in grants, according to the EPA.
In Massachusetts, leaders of the Community Climate Bank -- which Gov. Maura Healey last year pitched as the first affordable housing-focused green bank in the nation -- see the EPA's move as an opportunity.
"The Climate Bank has the capacity to deploy clean energy funding to lower-income homeowners across Massachusetts, and has thousands of affordable rental homes ready for investment in year one," said Maggie Super Church, director of policies and programs at the Mass. Community Climate Bank. "The Climate Bank has worked closely with many of the applicants over the last nine months and we are excited to collaborate with the selected coalition partners to build robust pipelines for investment in Massachusetts."
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