Funding of US$27 Billion to Support Green Energy and Solar Projects Announced by US Government

Solar Funding United States

The United States government has announced its plans to provide $27 billion in funding to combat climate change. The Greenhouse Gas Reduction Fund (GGRF) programme is designed to assist states and non-profit organizations in financing projects that will aid in the fight against climate change. The fund is divided into two parts, with the first part, the General and Low-Income Assistance Competition, worth nearly $20 billion.

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In this competition, non-profit entities will collaborate with community financing institutions such as green banks, credit unions, housing finance agencies, and community development financial institutions to invest in projects that can reduce pollution and lower energy costs, particularly for low-income and disadvantaged communities. Up to 15 non-profit groups will receive awards in this competition.

The second part of the fund is the $7 billion Zero-Emissions Technology Fund Competition. In this competition, the Environmental Protection Agency (EPA) will award competitive grants to states and non-profit entities to assist in deploying residential rooftop solar, community solar, storage, and upgrades in low-income and disadvantaged communities. The EPA aims to provide clean yet affordable energy options to all families and expects to award up to 60 grants under this competition.

According to Bernie Sanders, US senator from Vermont, “When people across the country are struggling to make ends meet while dealing with the increasingly severe impacts of climate change, it makes a great deal of sense to help households put solar on their roofs so they can create their own electricity, cut carbon pollution, and help create millions of good jobs.”

The EPA plans to release the notice of funding opportunities for these competitions in early summer 2023. Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), commented, “The details revealed today will go a long way to quickly and equitably decarbonising our grid, unlocking critical new investments in communities that we should be empowering to benefit from the historic Inflation Reduction Act. This programme will fund the organizations best positioned to help low-income and disadvantaged communities get access to solar energy through grants and other financial assistance, including specifically for distributed solar and storage technologies.”

The Greenhouse Gas Reduction Fund (GGRF) programme is an excellent step in the right direction towards a greener future. By enabling states and non-profit organizations to apply for funding to finance projects that combat climate change, the United States government is taking action to mitigate the harmful effects of climate change and to create a cleaner, more sustainable future.

Christopher Charles spent 6 years in the mortgage industry before moving into the world of digital media. He's helped thousands of families buy and refinance real estate at banks and mortgage companies and now continues that mission through industry-leading content. Chris is known for his expertise in the mortgage & real estate industry and continues to produce content all over the web.

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