Solar For Us LLC Hits Investment Target on Raise Green's Climate Marketplace

Raise Green is excited to share that Solar For Us LLC has achieved its Target Offering Amount on our climate investment platform, marking a significant milestone in the journey towards a cleaner, more just and more sustainable future. This Regulation Crowdfunding offering has been met with overwhelming support from investors who are passionate about making a positive impact on climate change and supporting underserved communities.

The Solar4Us @ Henderson Hopkins project, hosted by the Henderson-Hopkins School, aims to bring low- and moderate-income (LMI) community solar to underserved neighborhoods in Baltimore. The project not only targets 100% LMI customers but also aims to help them save 25% on their energy bills, making it an essential initiative to address energy equity and environmental justice by relieving the energy burden of underserved populations in this predominantly Black surrounding neighborhood.

The project expects to be among the first in the nation to qualify for the "Direct Pay" (Elective Pay) program introduced by the Inflation Reduction Act. This game-changing provision allows tax-exempt and governmental entities, including nonprofits, local governments, rural electric cooperatives and Alaskan Native corporations, to receive a payment equal to the full value of tax credits for building qualifying clean energy projects. Unlike competitive grant and loan programs, Direct Pay ensures entities receive their payment if they meet the requirements for both Direct Pay and the underlying tax credit. Raise Green advocated for this provision and is thrilled to help enable organizations to capture its substantial benefits.

This offering of debt securities enables investors to support the project's objectives while also receiving an annual debt payment consisting of 5.5% interest once the project is operational. The financial returns are complemented by substantial local, social, and environmental benefits, making this an attractive opportunity for impact investors.

Community solar is a powerful solution that provides utility bill relief and environmental benefits to low-income households, especially those who cannot install solar panels on their rooftops. In Baltimore, where a significant portion of the population is classified as "low-income" and identifies as BIPOC, this project holds immense potential for positive change and progress towards a more equitable energy landscape.

Managed by the Climate Access Fund (CAF), a local nonprofit green bank, the Solar4Us @ Henderson Hopkins project has the expertise and resources to ensure that the project's long-term benefits meaningfully accrue to the local community. CAF aims to accelerate the number of LMI-focused community solar projects and advocate for clean energy policies that benefit lower-income and overburdened communities.

Beyond the financial returns, investing in this project contributes to a vision of equitable access to clean energy and the reduction of energy burdens in disadvantaged communities. Additionally, the project is estimated to benefit 150 LMI households, providing annual savings of approximately $200 each, totaling more than $1 million over 35 years. The project's environmental impact is equally remarkable, with a projected reduction of nearly 27,000 metric tons of CO2e over its expected lifetime, contributing significantly to the fight against climate change.

We commend the Solar For Us team for their dedication and expertise in combining the worlds of nonprofit management, philanthropy, finance, and clean energy policy to make this project a reality. Their passion and commitment have been instrumental in attracting significant investor interest and support. This project represents a model for community-owned clean energy initiatives that empower underserved communities, combat climate change, and advance environmental justice. We are proud to be part of this important endeavor and encourage you to spread the word about this incredible achievement. We encourage other green banks, non-profits and clean energy developers and entrepreneurs to learn more about this project and about inclusive financing options at www.raisegreen.com.

Together, let's continue making a positive impact on the world through investments in clean energy and sustainable solutions.