Increasing Low-Income Access to Clean Energy
April 21, 2017
We are pleased to announce that we recently closed a new $3 million loan to PosiGen, a New Orleans based solar energy company focused on increasing accessibility to solar energy for the lower income homeowner. The $3 million is part of a $28 million loan facility arranged by a group of aligned investors, including Calvert Foundation, The McKnight Foundation, and others. The loan facility will finance solar installations in Louisiana and enable PosiGen to expand to new regions across the country.
Since 2011, PosiGen has provided solar power to over 10,000 families across Louisiana, New York, Florida, and Connecticut. PosiGen solar panel systems help mainly residential users capture sunlight and convert that sunlight into usable energy. Electricity generated from solar panels can be used to heat, cool, and illuminate homes and offices.
The financial and environmental benefits of solar panels are immense. Compared to other traditional sources of energy, solar costs less and helps households reduce their annual greenhouse gas emissions. According to the Environmental Protection Agency, American households currently produce 6.8 metric tons of greenhouse gas emission from electricity each year.
As gas and electricity prices continue to rise, more homeowners are interested in going solar than ever before. According to the Solar Energy Industries Association, in 2016, a new solar installation in the U.S. was completed every 84 seconds.
Here at Calvert Foundation, renewable energy is one of the core sectors of our portfolio. Our loan to PosiGen will both further our commitment to renewable energy and help support PosiGen’s expansion.