Bank of America Awards Energy Savers Program $8.5 Million to Finance Efficiency Retrofits
Bank of America has awarded the Energy Savers program $8.5 million to expand the number of energy efficiency retrofits it finances. Energy Savers, a partnership between CNT Energy and the Community Investment Corporation (CIC), is the nation’s premier one-stop service for energy efficiency retrofits in multifamily buildings. CNT Energy provides the energy audits, oversees construction, and monitors post-construction energy bills to maximize performance. CIC provides the low-interest financing that reduces the upfront costs of efficiency upgrades for owners. The program helps preserve affordable housing by keeping energy costs low, and it reduces global warming emissions by reducing energy use.
Energy Savers has retrofitted more than 6,200 apartments and saved building owners an average of 30 percent on their utility bills or roughly $10,000 per year. The Bank of America contribution will make it possible to improve an additional 2,600 additional homes, according to CIC. Since its inception, CIC has made 52 Energy Savers fund loans for a total of $3.8 million. None have defaulted.
Bank of America created this new grant program to deliver low-cost capital to local community lenders with expertise in energy retrofit financing as a way to help create jobs, improve affordability, and reduce carbon emissions. CIC is one of nine Community Development Financial Institutions or CDFIs awarded funding nationwide. IFF is the other Chicago-based CDFI to receive funding from Bank of America.
To learn more about the Energy Savers program, go to: http://www.cntenergy.org/buildings/