Updated: Mar 10
Funding will make solar energy more accessible and affordable
Credit Unions Creating Coalition to Support Community Engagement and Resource Deployment
Through the Inflation Reduction Act of 2022, the EPA is deploying $27 Billion to support investments to solar and other energy efficient programs that will support low and moderate income communities.
The EPA’s plan is part of the agency’s commitment to reduce emissions and improve air quality. The EPA’s investment in solar energy technologies will help lower-income communities reduce their reliance on fossil fuels and transition to solar energy, which is clean, renewable, and has the potential to significantly reduce energy bills. The EPA’s plan will also create jobs in the solar energy industry, as well as other industries related to the installation, maintenance, and use of solar equipment.
In addition to providing financial assistance for solar installations, the EPA’s plan also involves credit unions, which are financial institutions that specialize in providing loans and other financial services to lower-income communities. Credit unions will serve as a critical partner in the EPA’s plan, helping to provide access to credit and other financial assistance to households, businesses, and other organizations in lower-income communities.
Ecority, a nonprofit activating a national consortium of credit unions, will also provide support to households and businesses -- with priority to those located in low income and disadvantaged communities -- on how to access benefits such as reducing energy costs and improving health through clean energy technologies such as solar and high-efficiency heat pumps.
The EPA’s plan is a major step in making solar energy more accessible and affordable for lower-income communities, and is part of the agency’s overall commitment to reduce emissions and improve air quality.