Cleveland Green Bank Leads $250 Million Solar Funding Effort for Low-Income Communities Under Inflation Reduction Act

A Cleveland, Ohio, green bank is leading a multi-state effort to secure a chunk of $7 billion in funding for low-income residential solar installations under the federal Inflation Reduction Act. Growth Opportunity Partners, a community development corporation focused on underserved, low- and moderate-income communities in Ohio, is spearheading an application by about 20 counties in seven states that are collectively seeking $250 million to help them access solar power. The group operates the GO Green Energy Fund, the nation’s first Black-led green bank program. The EPA has also implemented its $27 billion Greenhouse Gas Reduction Fund, which the EPA says is meant to mobilize “financing and private capital for greenhouse gas- and air pollution-reducing projects in communities across the country. Growth Opps CEO Michael Jeans said the group hopes to hear back from the EPA sometime in the winter, with a possibility for funds to start flowing in July.