ENGLEWOOD, Colo. – (Jan 29, 2024) – Clean Energy Credit Union, the nation’s leading credit union dedicated to financing clean energy projects for consumers, is excited to announce the launch of its Clean Energy for All loan program. This innovative initiative aims to make clean energy more accessible and affordable for underserved communities, including minority borrowers and low-income individuals.
The Clean Energy for All loan program is technically comprised of a Special Purpose Credit Program that offers discounted interest rates on clean energy loans to minority and low-income borrowers. The program offers a 0.50% discount off Clean Energy Credit Union’s standard loan rates and an additional discount for those facing credit challenges.
Racial disparities have entrenched themselves in the housing and auto loan industry, making it difficult for some people to afford home improvement and auto purchases. Additionally, the Urban Institute reported that only 67% of active lenders were originating loans to Black, Indigenous, and other People of Color, and the loan denial rate for minorities was 39%, compared to 31% of all home improvement loans. This program will increase access to affordable credit in the clean energy space to borrowers who otherwise may lack access to financing, to borrowers who are most impacted by environmental harms and injustice, and to the people of color and communities of color that have faced disparate and racist restrictions on their access to capital and credit for too long.
“Providing access to affordable clean energy can help improve the health, safety, and energy resilience in communities that have long been disproportionately affected by greater air pollution and weather-related disasters,” said CEO Terri Mickelsen. “The Clean Energy for All Program will help underserved communities afford energy-saving, home and transportation upgrades, saving individuals money on utilities bills and creating a cleaner environment. Opening the door to more equity, economic mobility, and opportunities for those impacted by credit or income challenges due to systemic racism or other injustices.”
Clean Energy Credit Union is collaborating with mission-aligned, field-of-membership partners, including EV Hybrid Noire, which educates and advocates for EVs and e-mobility solutions in underserved communities, and Inclusiv, which helps low- to moderate-income people achieve financial independence through credit union advocacy work.
“We are committed to building a more equitable and sustainable future,” said Terri Mickelsen. “The Clean Energy for All Loan Program is just one step in that direction.”
Learn more about the Clean Energy for All program visit our webpage.
Clean Energy Credit Union was started by people who are passionate about promoting clean energy to protect our environment and improve our economy. We chose an innovative approach to a proven, cooperative business model to help propagate the multiple benefits of clean energy and cooperatives. Our mission is to make clean energy accessible to more people by offering our members climate friendly banking options and customized loan products to help them make energy-efficient upgrades, save money, and live their values. As a 501(c) (1) not for profit organization, Clean Energy Credit Union is insured by NCUA, is an Equal Housing Lender, and is a Green America-Certified and Fossil Free-Certified business.