Earlier this month, the Columbus Region Green Fund (CRGF) was launched with an event hosted at their upcoming first project site. Columbus Mayor Ginter joined partners and residents at Corban Commons Senior Apartments to celebrate the start of the first solar project supported by the Green Fund.
The CRGF is a nonprofit dedicated to providing innovative financing solutions to accelerate transitions to clean energy. The City of Columbus and Franklin County have both contributed to the fund, with $7 million and $2 million respectively. The fund aligns directly with the city’s climate action plan goals to support solar projects for affordable housing developments and nonprofits, ensuring our most climate vulnerable residents benefit.
The Green Fund’s first project will be at Corban Commons, a 500-kilowat panel installation for the affordable nonprofit senior apartments. Read news coverage of the event here.
Corban Commons is just the first of 75 nonprofits that will benefit from the Impact Solar Initiative impact investment financial model. After 20 years, the four nonprofits who own the building will also assume ownership of the solar asset for the remaining ~15 years of life further increasing savings both continuing to serve long-term affordability for the residents as well as increasing the value of the nonprofit’s assets and investments in the community.
The initiative is offsetting carbon footprints, creating new jobs, investing millions into the Central Ohio community, and reducing energy costs for the nonprofit sector. Stay tuned for Community Renewable Energy’s official announcement of the Initiative.