The Maryland Clean Energy Center (MCEC) is using $2.7 million in collaboration with the Maryland Energy Administration (MEA) to fund solar and storage projects at 25 affordable housing properties in the state. This money will be allocated through Maryland’s Strategic Revolving Fund (SRF), which was created to make these renewable technologies more affordable, and in this case, supporting 2,422 households with solar and storage.
Previous funding rounds from the SRF solidified financing support for solar projects on multi-family housing in the state, including in Anne Arundel, Baltimore, Baltimore City, Harford, Howard and Prince George’s counties. The result was approximately 2.72 MW of rooftop solar producing an estimated 3,267 MWh of renewable energy.
“The success of these initial draws demonstrates the essential role of revolving capital in the clean energy transition,” said Kathy Magruder, executive director for the MCEC. “By providing the working capital needed to bridge the gap between design and construction, we are ensuring that the benefits of solar and storage reach the communities that need them most while securing millions in federal incentives that would otherwise be lost.”
This latest funding round is expected to cut the cost of energy by 20% for low-income residents, supporting them with additional grid reslience from energy storage. The funding pulled from the SRF is repaid after projects are completed, and that money is cycled back into the fund and reinvested into other projects.
“The Maryland Energy Administration is proud to partner with the Maryland Clean Energy Center to keep investment flowing into clean energy sources like solar,” said Kelly Speakes-Backman, director of the MEA. “We know renewables are the most available and affordable energy source in today’s market, and that Maryland communities are more resilient and affordable because of these awards to deploy clean, local power quickly.”
News item from the MCEC
