ENGLEWOOD, Colo.–As the world goes through one of its hottest summers in history, a six-year-old credit union chartered to serve the clean energy industry said it is working to create partnerships aimed at helping underserved households invest in ways to save energy.
As CUToday.info reported here, Clean Energy Credit Union was founded in 2017 to serve the clean energy industry, specifically the 4,300 members of the American Solar Energy Society. It has now grown to more than 8,500 members.
Nicole Burford, director of marketing and sustainability for Clean Energy Credit Union, told the Kiowa County Press the CU only makes loans for clean energy and energy saving projects, including, "Residential solar, geothermal, electric vehicles, e-bikes and green home improvements."
According to the report, home energy use accounts for about 20% of climate pollution, and that more affluent households are able to afford upfront costs for solar panels and other improvements and can get Inflation Reduction Act tax credits.
Building Partnerships
Burford told the Kiowa County Press the $54-million credit union is working to create partnerships with nonprofits and local governments to “make it possible for people traditionally left out of large-scale federal investments, including people of color and low-income families, to switch to clean energy and lower their utility bills.”
The report cited warnings by leading climate scientists have made that climate pollution needs to be cut by 45% by 2030 and reach net-zero by 2050 to avoid catastrophic impacts of a warming planet.
According to Burford, credit unions are in a unique position to get solutions into homes, but more investments at the federal level will be necessary to address the scale of the challenge.
"We're doing a lot of training with other credit unions, other organizations on how they can develop programs like this, how they can partner with different organizations as well," Buford told the Kiowa County Press. "Because no one organization can do it alone."
$200 Million Invested
Burford said Clean Energy Credit Union has invested more than $200 million so far in clean energy and other green loans for member households across the country. The investment has offset more than 800,000 tons of carbon dioxide, roughly the same as taking 161,000 gas-powered vehicles off the road, according to Burford.
"We actually have a carbon offset calculator on our website as well," Burford told the Kiowa County Press. "If you are opening an account with us, you can put in the average amount of dollars that you'll have in your account and you can see how much you are helping to offset. So, it kind of personalizes it to each individual."
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