SolarAndo InvestingAndo Stories
Ando and Virginia Community Capital Work with the Solar for All Program
While the idea of “going green” and investing in more sustainable energy practices is just plain smart, the necessary start-up costs can keep some from doing as much as they’d like. Sure, with a solar system, you’ll see the immediate savings on your electricity bill, but installing the panels does come with a sizeable cost.
When Ando and our partners Virginia Community Capital (VCC Bank) saw an opportunity to fund the installation of solar systems in low-to-moderate income homes, it was a win/win scenario -- helping those who want to do the right thing and could benefit most from reduced energy prices. Ando was thrilled to employ our practices of Sustainable Banking in working with the District of Columbia’s Department of Energy and Environment to provide access to renewable energy in 40 homes that qualified under the Washington’s Solar for All Program.
The mission of Solar for All is to provide the benefits of solar electricity to low-income households and, by 2032, reduce their energy bills by 50%. We’re proud to have been able to help 40 homes make the change and each have an enormous, positive impact on the climate crisis. These 40 homes will each generate approximately 253,000 kWh of renewable energy a year, reducing greenhouse gas emissions by approximately 233,000 pounds of carbon dioxide! And of course, these homeowners are now paying dramatically lower electricity costs. Like we said, win/win!
Data from The U.S. Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey shows that, while middle-to-upper class homes may not consider utility bills a major expenditure, that’s not the case for low-income households. According to Urban Wire reporter Carlos Martin, “Although electric and water bills combined account for an average 3.1 percent of the average U.S. household’s net income, they account for an average 20.6 percent of net income among households in the lowest income decile.”
Thanks to your passion, commitment, and customer deposits, those in D.C. who need the most help are getting it, and in the process are fostering a healthier, cleaner environment for us all. Their financial worries have been replaced be with the satisfaction of knowing that doing the right thing for their pocketbook and the planet can be one in the same.
Share this article
Enjoy your eco-friendly read?
Copy the link below
Share on social