Nevada Clean Energy Fund prepares for competitive federal funds
US Environmental Protection Agency provides update on $27 billion funding opportunity
February 21, 2023
(RENO, Nev.) – The Nevada Clean Energy Fund (NCEF) is developing partnerships and building capacity to bring federal clean energy funds into the Silver State.
Last week, the US Environmental Protection Agency (EPA) announced the initial program design for the $27 billion Greenhouse Gas Reduction Fund. The Greenhouse Gas Reduction Fund was created by the Inflation Reduction Act to provide competitive grants to entities like NCEF to invest in and leverage private capital for clean energy projects. Over half the funds must benefit low-income and disadvantaged communities.
“We are excited to work with EPA and our local partners to put these funds to work reducing emissions and delivering cost savings and other benefits to communities in Nevada,” said Kirsten Stasio, NCEF’s CEO.
NCEF is working with several stakeholders to prepare to apply for and implement Greenhouse Gas Reduction Fund grants, including state and local governments, schools, local lenders, the housing community, Nevada’s utilities, and local nonprofits.
“These funds can help us reduce our carbon footprint while spurring economic development, creating jobs, and driving lower-cost energy for Nevadans,” said Dwayne McClinton, Director of the Governor’s Office of Energy and a member of NCEF’s Board of Directors.
“Nevada has a unique opportunity to develop a sector of the economy, essential to our future,” said Nic Steele, Executive Director of Access Community Capital. “We are pleased to partner with the Nevada Clean Energy Fund to promote a renewable energy workforce, paying high quality wages, and revitalizing communities.”
“We are excited to work collaboratively with the Nevada Clean Energy Fund to bring an unprecedented level of federal funds into the Nevada market and support rapid growth of the state’s clean energy economy,” Asheesh Bhalla, Executive Director of the Nevada State Infrastructure Bank, said.
“The affordable housing development community is excited to partner with the Nevada Clean Energy Fund to access the funds made available by the Inflation Reduction Act,” Christine Hess, Executive Director of the Nevada Housing Coalition, said. “Our low- and moderate-income Nevada families deserve access to energy savings and lower overall housing costs.”
“NV Energy is proud of our growing partnership with the Nevada Clean Energy Fund (NCEF) to find new ways to provide financial and technical resources to accelerate clean energy growth in Nevada,” said Marie Steele, NV Energy Vice President Integrated Energy Services. “The announcement of these federal funds, for partners like NCEF, furthers NV Energy’s goal of ensuring that those who are historically underserved in our communities will have the same access to clean energy programs that promote economic revitalization and energy savings.”
“If Nevada hopes to retain its leadership in clean energy we need to support the Nevada Clean Energy Fund in securing the resources needed to leverage federal funds and EPA is offering a significant opportunity to help achieve our goals!” said Rose McKinney-James, managing principal of EnergyWorks LLC.
NCEF is also working with Nevada GrantLab, a public-private partnership that assists local nonprofits and public agencies to apply for and administer federal grants that benefit Nevadans. “We’re proud to work with the Nevada Clean Energy Fund as it readies Nevada communities to secure and make great use of federal clean energy investments,” said Miles Dickson, CEO and President of Nevada GrantLab.
In addition, NCEF is working closely with its counterparts in other states and the American Green Bank Consortium. “The EPA’s guidance emphasized that local, regional, and national collaboration is going to be paramount to ensure the efficient and effective deployment of these funds. The Colorado Clean Energy Fund (CCEF) is eager to partner with the Nevada Clean Energy Fund (NCEF) to structure and deploy programs that will provide our communities with access to capital, positively impact our region, and demonstrate the power of partnership,” said Paul Scharfenberger, CEO of the Colorado Clean Energy Fund.
According to the information released by EPA on Tuesday, EPA expects to open competitions for the funding under the Greenhouse Gas Reduction Fund by summer 2023. In accordance with federal statute, EPA must disburse all $27 billion of the funds by September 30, 2024.
About the Nevada Clean Energy Fund
The Nevada Clean Energy Fund (NCEF) is a nonprofit organization that was established by state legislation in 2017 as Nevada’s green bank. Green banks have been implemented in over a dozen US states to accelerate clean energy growth and tackle climate change, with a particular focus on underserved communities. Green banks provide financing and technical assistance for clean energy projects such as energy efficiency, clean vehicles, building electrification, and renewable energy resources. NCEF’s programs are targeted at increasing access to clean energy capital for homeowners, multi-family housing communities, local businesses, nonprofits, schools, Tribal communities, and rural areas.