Community Solar Projects Face Challenges Amid Bank Failures, Highlighting Energy Burdens for Low-Income Households.

First Citizens Bank’s acquisition of SVB by First Citizens Bank has highlighted the financial implications of community solar projects in the wake of bank failures. According to the Department of Energy, the national average energy burden for low-income households is 8.6% and 37% of all US households, and the majority face a disproportionately high energy burden compared to higher-income communities. Community solar projects have a steadily increasing presence in the United States, with community solar capacity growing by 121% year over year since 2010. However, many states have limited the amount of renewable energy available, limiting the benefits that the projects can bring. The EPA reports only 22 states have shared renewables legislation enacted as of 2022, leaving many LMI communities without the opportunity to connect with other states.