WASHINGTON -- D.C. just became the first city in the U.S. to establish a green bank, and it could lead to the future of changing the U.S.'s impact on the climate.
Green banks offer help to consumers who want to use energy-saving power, such as using solar panels to save on their electricity bills, but have trouble affording it. The upfront costs of these projects can turn people away from going through with it.
The Green Finance Authority Establishment Act will help close these funding gaps and encourage people to take advantage of these opportunities that now have a government partnership.
With the signing of this new bill, Major Bowser aims to expand renewable energy, lower energy costs, reduce greenhouse gas emissions, and create green jobs in the District.
“Washington, DC is a global leader on environmental issues and by establishing a Green Bank, we will continue to build on the progress that helped us become the first LEED Platinum city in the world,” said Mayor Bowser. “I look forward to working with all of the businesses, non-profit organizations, and residents that will benefit directly from this new tool. Together, we will continue to meet our ambitious sustainability goals while creating high-paying, clean energy jobs for residents in all eight wards.”
This is part of the Bowser administration's efforts to help the district be more environmentally friendly and prepare for climate change.