Biden-Harris Administration Announces $20 Billion in Grants to Build National Clean Financing Network

On April 4, 2024, the Biden-Harris Administration, through the U.S. Environmental Protection Agency (EPA), announced $20 billion in grants awarded under the Greenhouse Gas Reduction Fund (GGRF) to establish a national clean financing network. The GGRF, created under President Biden's Inflation Reduction Act, represents one of the largest-ever federal investments in climate and clean energy projects, with a specific mission to bring clean energy solutions within reach of American households — including many homeowners who have historically lacked access to affordable financing for energy upgrades.

The $20 billion was divided between two complementary programs. The National Clean Investment Fund (NCIF) awarded $14 billion to three nonprofit coalitions — Climate United Fund ($6.97 billion), Coalition for Green Capital ($5 billion), and Power Forward Communities ($2 billion) — that will partner with the private sector to finance clean technology projects nationwide. The Clean Communities Investment Accelerator (CCIA) awarded $6 billion to five hub nonprofits — Opportunity Finance Network ($2.29 billion), Inclusiv ($1.87 billion), Justice Climate Fund ($940 million), Appalachian Community Capital ($500 million), and Native CDFI Network ($400 million) — that will channel capital and technical assistance to community lenders serving low-income and disadvantaged communities.

For homeowners, the practical impact is significant. A portion of the funding is earmarked specifically for residential clean energy projects such as rooftop solar, heat pumps, energy-efficient appliances, and home weatherization. Power Forward Communities, for example, is a coalition focused entirely on affordable housing and single-family homes, and is expected to deliver low-cost financing for energy improvements to homeowners and renters who have traditionally been excluded from clean energy markets. At least 70 percent of the combined $20 billion is required to flow to low-income and disadvantaged communities under the Justice40 Initiative.

EPA Administrator Michael S. Regan described the awards as a "once-in-a-generation opportunity" to stand up a durable national financing network that will continue leveraging private capital for clean energy long after the federal dollars are deployed. The awardees are expected to begin disbursing funds to projects and community lenders later in 2024, with homeowner-facing programs — including solar loans, heat-pump financing, and weatherization assistance — coming online on a rolling basis through the selected nonprofits and their local partners.

Homeowners interested in accessing these programs will typically apply through a participating community development financial institution (CDFI), green bank, or credit union affiliated with one of the eight awardees, rather than directly through the EPA. Program details, eligibility thresholds, and geographic coverage are being finalized by each awardee.