A panel of scientists say Maine could greatly increase private-sector investment in clean energy by creating a so-called green bank that would improve access to capital needed to finance energy upgrades.
Steve Clemmer, energy research director at the Union of Concerned Scientists and lead author of the analysis, says the banks are public or quasi-public finance authorities that use limited public dollars to leverage greater private investment in clean energy through innovative financing techniques and market development tools.
“What a green bank can do is help provide low interest loans to businesses and homeowners so they can share in the benefits of a clean energy economy in developing industry and jobs for Maine’s economy,” he says.
Clemmer says establishing the program with an initial $14 million public investment would leverage $300 million in private sector investments over 15 years. With the implementation of new solar and wind power projects, he says the state could save homes and businesses more than $33 million per year on their electricity bills due to energy efficiency investments.