Columbus, Ohio – Solar power can provide clean energy while lowering costs for low-income and non-profit consumers. Today, on Earth Day, the Columbus Region Green Fund (CRGF) announced it has approved funding to install solar panels for four projects of its Impact Solar program. These are the first four projects the CRGF has approved funding for, the projects range from affordable housing senior living facilities to a nonprofit education center serving children with autism and developmental disabilities. 

As a mission based, equity-driven organization, the CRGF’s financing enables historically underserved populations to access solar energy at a price that will actually reduce utility costs, where solar has historically come at a premium. Financing these first four Impact Solar projects is a major step toward advancing clean energy equity and the city’s ambitious 2030 climate action plan solar goals.

The Green Fund’s initial capitalization comes from the City of Columbus and Franklin County. The Green Fund Board approved a total of ~$3.6 million in the four solar projects. Once installed, the solar panels are expected to lower electricity costs for each of the locations by approximately 20% on average for the first 20 years, and then the power produced is free for the rest of the life of the array. The solar arrays are expected to last between 35-40 years.

“This innovative and impactful initiative utilizes clean energy and solar power to improve the environment while lowering costs for our most vulnerable residents,” said City of Columbus Mayor Andrew J. Ginther. “The Columbus Region Green Fund is helping us realize the Columbus Climate Action Plan and demonstrate that an equitable green energy economy is well within reach for all of our neighborhoods.”

The Columbus Region Green Fund currently has identified dozens of shovel-ready nonprofit or affordable housing projects in the Region for financing. Thanks to the Impact Solar model, a first of its kind financing program that leverages the Elective Pay incentive from the Inflation Reduction Act, solar power will be able to reduce utility costs for all projects, and future solar projects. This financing model from the CRGF also correlates directly with the White House’s Justice40 Initiative, which prioritizes clean energy investments in low-income and disadvantaged communities (LIDAC).

“It’s been a long road to get to this point, but our public and private partners throughout the process have been incredible about investing in this organization’s potential,” said Zach McGuire, Executive Director of the Columbus Region Green Fund. “With our partners, we’ve created a financing model with Impact Solar that lowers costs for those most in need, a transformative concept here in Ohio where solar historically has cost more than grid power. The program also creates massive economic impact, including new job opportunities in the local green economy, while also revolving the money invested back into future solar projects. This is a public-private partnership that is a win-win-win across the board.”

The four projects chosen in the inaugural round of financing are:

• Bridgeway Academy, a nonprofit education center serving children with autism and developmental disabilities

• Northwest Library, a cooperative project of the Worthington Libraries and the Columbus Metropolitan Library managed by Worthington Libraries

• Corban Commons, an affordable housing senior living facility

• Stratford East, an additional affordable housing senior living facility

For both Corban Commons and Stratford East, the Columbus Region Green Fund has special agreements with the facilities that the energy savings will be passed down to the residents of the facility in the form of rent reduction. This is to ensure that these cost savings benefit Central Ohio’s Low-Income Disadvantaged Communities. Construction is set to be completed on the four projects by fall of 2024. 

“This program allows us to access solar energy without increasing our budget or raising new capital.” said Johnny Pitts, one of the owners of Corban Commons. “Every dollar saved on our energy bills over the lifetime of these systems is translated into affordable rents for our residents.” 

All four projects will yield a total system size of 1,928.3 kW, a lifetime production of over 91,542 MWh, and offset over 70,480 tons of carbon.

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About The Columbus Region Green Fund

The Columbus Region Green Fund, an independent nonprofit 501c3, is the Columbus Region’s Green Bank (CRGF), leveraging public funds to increase and accelerate private investment in the Region’s green economy while catalyzing equitable clean energy deployment in the Region. The CRGF serves primarily Low-Income Disadvantaged Neighborhoods (LIDAC) and nonprofits in the Central Ohio Region, residents and organizations that have been historically underserved by capital markets and unable to access solar panels.