Greenhouse Gas Reduction Fund

The Alliance to Save Energy led the energy efficiency community in helping to develop a Greenhouse Gas Reduction Fund (GGRF) that prioritizes energy efficiency, includes low-income and disadvantaged communities, and allows for the participation of non-bank community lenders, such as CDFIs and green banks. As a result of the work of the Alliance membership and the energy efficiency community, the three GGRF programs, Solar for All (SFA), the National Clean Investment Fund (NCIF), and the Clean Communities Investment Accelerator (CCIA), all prioritize energy efficiency investments covering existing and new construction in the residential and commercial built environment, in addition to zero-emissions transportation. EPA will provide grants to a limited number of awardees, who will be responsible for providing financial assistance for the acquisition of energy efficiency and other energy investments that reduce greenhouse gas emissions. As a general rule, financial assistance includes, loans, partially forgivable loans, forgivable loans, zero-interest and below-market interest loans, loans paired with interest rate buydowns, secured and unsecured loans, lines of credit, subordinated debt, warehouse lending, loan purchasing programs, and other debt instruments. Grants are also allowable under SFA.

Solar for All: The Solar for All (SFA) program is designed to provide access to rooftop and community solar in low-income and disadvantaged communities. Key program elements include:

• $7 billion Investment
• Up to 60 Awards (primarily to states, District of Columbia, territories, tribal governments, and non-profit non-depository financial service providers).
• 100% in Low-Income and Disadvantaged Communities.
• Energy Efficiency is included as an Enabling Upgrade. EPA guidance defines Enabling Upgrades as “investments in energy and building infrastructure that are necessary to deploy and/or maximize the benefits of a residential rooftop and residential-serving community solar project.”

National Clean Investment Fund: The National Clean Investment Fund (NCIF) will provide capital to facilitate energy investments in identified program priority project types. Key program elements include:

• $14 billion Investment
• 2-3 Awards (non-profit non-depository financial service providers)
• $5.6 billion in Low-Income and Disadvantaged Communities
• Three Priority Project Types:

1. Distributed Generation and Storage
2. Net-Zero Emissions Buildings (energy efficiency and electrification per EPA guidance)
3. Zero Emissions Transportation

Clean Communities Investment Accelerator: The Clean Communities Investment Accelerator (CCIA) will also provide capital to facilitate energy investments in project priority types, identical to NCIF, and is designed to result in the development of a community network capable of ensuring access to GGRF capital in communities throughout the nation. Key program elements include:

• $6 billion
• 2-7 Awards (non-profit non-depository financial service providers)
• 100% in Low-Income and Disadvantaged Communities
• Three Priority Project Types:

1. Distributed Generation and Storage
2. Net-Zero Emissions Buildings (energy efficiency and electrification per EPA guidance)
3. Zero Emissions Transportation